Over 200 investors in Karnataka had approached the cyber police, claiming they had been defrauded of approximately Rs 2 crore over the past 5 to 6 months. The application involved was named after the US President Donald Trump and featured AI-generated videos and images, which misled the investors. According to the police, the scam was executed by unidentified cyber criminals through an application called 'Trump Hotel Rental,' which has since been taken down. This app encouraged investors to deposit money with promises of substantial short-term returns, some claiming profits of over 100 percent.
Police believed that more than 800 investors had fallen victim to the scheme, with some individuals investing upwards of Rs 10 lakh in hopes of quick financial gains. Reports indicated that cases had been filed in various districts, including Bengaluru, Tumkuru, Mangaluru, Hubli, Dharwad, Kalaburagi, Shivamogga, Ballari, and Bidar, as well as Haveri.
Officials commenced investigations based on the complaints received. Sources from the Cyber Crime, Economic Offences, and Narcotics (CEN) department noted that advertisements for the defunct app had promised enticing returns, overseas work opportunities, and investment prospects.
CEN department officials mentioned that the app featured a dashboard displaying income from investments, which was used to attract further investments. They explained that as investors completed assigned tasks, their 'income' appeared to increase on the dashboard, while in reality, no money was being credited. It was reported that 15 cases had been registered in Haveri district, and although many victims had lost money through the scheme, not all were willing to come forward to file complaints.
One victim, a lawyer, reportedly lost around Rs 6 lakh between January 25 and April 4 of this year. Anshu Kumar, the SP of Haveri, stated that instances of fraud involving the app in question had surfaced in the district. He explained that the 'Trump Hotel Rental' app initially requested an investment of 50 or 100 rupees, promising a return of 500 rupees. Once investors were convinced, they were encouraged to invest larger sums with the promise of significant returns, which ultimately led to the fraudulent activity.
On the 15th, one investor submitted a complaint to the CEN Crime Police Station, alleging that he had been cheated out of Rs 6 lakh. An FIR was filed regarding this case, and others had also complained. Kumar urged the public to exercise caution and avoid such apps that deceive individuals with false promises of doubling their money.
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