Bengaluru engineer clicks on ad for ‘Quantum AI’ trading, loses Rs 1.94 crore

He said he transferred Rs 1,94,68,235 between February 27 and September 9 for “trading and investment purposes”.

The incident was reported at the East CEN police station on September 17.

The platform’s website, http://www.proxtrendltd.com, describes Proxtrend Ltd as registered on Mwali (Moheli) Island in the Comoros and regulated by the Mwali International Services Authority. It lists a Fomboni address and describes its services as CFD (contract for difference) trading, with a risk warning about loss of capital, according to the FIR registered on his complaint.

The engineer said his concerns grew when he tried to take his money out. He had managed only limited, small withdrawals earlier and was told the process was “difficult”. When he sought larger withdrawals, he says he was pushed to trade further, including through high-volume “lots” described as a way to move funds to a “safe account”.

On September 9, he formally requested a withdrawal, logged under reference number 3656. More than 48 hours later, it had still not been processed. Instead of the money, he said, he kept receiving messages about more trading and arranging additional funds.

The engineer also said he was told his money was held up by requirements involving HSBC and supposed TCS or government-related conditions. Some discussions allegedly involved further payments of Rs 50 lakh or Rs 20 lakh to release the funds.

The police have registered a case on charges of cheating, identity theft, and impersonation and are investigating.

“The money would already have been diverted to multiple accounts and converted to cryptocurrency,” a police source said.