Ex-Serviceman Loses ₹46.92 Lakh in ‘Quantum AI’ Trading Scam After Fake PM Modi Video Ad

A 48-year-old ex-serviceman has allegedly lost ₹46.92 lakh in an online investment scam after being lured by a Facebook advertisement that purportedly used a video featuring Prime Minister Narendra Modi to promote an artificial intelligence-based trading platform called “Quantum AI”.

The complainant, Janaksinh Sabhalsinh Jhala, a former Indian Army serviceman who is currently employed with the Military Engineer Services (MES), approached the Ahmedabad Cyber Crime Police after allegedly being promised monthly earnings of ₹3.5 lakh on an initial investment of ₹22,000.

Fake Facebook Reel Promotes ‘Quantum AI’ Scheme

According to the complaint, Jhala came across the Facebook reel on May 19. The advertisement allegedly claimed that investing ₹22,000 through the purported Quantum AI platform could generate monthly earnings of ₹3.5 lakh.

The reel allegedly featured Prime Minister Narendra Modi, which the complainant said made the investment opportunity appear credible. Believing the advertisement to be genuine, Jhala clicked on the registration link provided with the video and entered his personal details.

He soon began receiving calls from unknown numbers.

Ex-Serviceman Initially Invests ₹22,390

One caller, who identified himself as “Satyakumar” and claimed to represent Quantum AI from Bengaluru, allegedly guided Jhala through the investment process.

The caller provided a website link, following which Jhala transferred ₹22,390 through UPI. According to the complaint, the payment went into a bank account linked to another individual.

A few days later, another person identifying himself as “Nadir” allegedly contacted Jhala and introduced himself as his account manager.

Fake Trading Website Used to Build Trust

Nadir allegedly asked Jhala to register on bxbmarkets(dot)com, claiming that the platform allowed trading in commodities including gold, silver, oil and natural gas.

The alleged account manager reportedly told Jhala that higher investments would result in higher returns and allegedly promised profits running into crores within a few months.

To gain his confidence, the alleged fraudsters initially guided him through a small oil trade. Jhala was shown a profit of $74, or around ₹7,200, which allegedly convinced him that the platform was legitimate.

Telegram Used to Send Trading Instructions

After the initial transaction, the alleged fraudsters asked Jhala to communicate through Telegram. He was allegedly given instructions on which commodities to buy and sell.

According to the complaint, every time he was asked to make a larger investment, different bank account details were provided through Telegram.

Between June and July, Jhala allegedly transferred money through RTGS and UPI to multiple accounts held with Axis Bank, HDFC Bank, Kotak Mahindra Bank, Canara Bank, Tamilnad Mercantile Bank, IDBI Bank and Unity Small Finance Bank.

The complaint states that a total of ₹70.82 lakh was transferred through RTGS and UPI transactions.

Website Allegedly Showed ₹2.5 Crore in Profits

As the investment amount increased, Jhala was allegedly shown substantial profits on the trading website.

According to his complaint, the account eventually displayed profits of $226,241.63, which he believed amounted to around ₹2.5 crore.

When he attempted to withdraw the money, however, he allegedly faced difficulties. The website subsequently began showing trading losses, according to the complaint.

Jhala said only ₹23.89 lakh was returned to his bank account through several smaller transactions. The remaining ₹46.92 lakh was allegedly not returned.

He was allegedly told that he would have to invest more money before the remaining amount could be withdrawn.

Fraudsters Allegedly Used Multiple Identities

The complaint names several unknown individuals who allegedly contacted Jhala using different mobile numbers.

After “Satyakumar” allegedly introduced him to the investment platform, “Nadir” reportedly acted as his account manager. Later, another person identifying himself as “Sabur” allegedly took over the communication and continued directing Jhala to transfer money to different accounts.

The Telegram account through which the complainant communicated with the alleged fraudsters was later deleted, according to the complaint.

PM Modi Video Under Police Scanner

The FIR alleges that the fraudsters used advertisements featuring prominent personalities, including politicians, business figures and celebrities, to make the investment scheme appear genuine.

Jhala specifically alleged that the Facebook reel he saw featured Prime Minister Narendra Modi and promoted the claim that an investment of ₹22,000 could generate ₹3.5 lakh a month.

Cyber Crime Police are examining whether the video was digitally manipulated, edited or used without authorisation as part of the alleged fraud.

Cyber Crime Police Investigate Money Trail

The Ahmedabad Crime Branch Cyber Cell has registered a case against unknown persons allegedly involved in operating the investment scheme, using the purported trading website and circulating the Facebook advertisement.

Police are examining the mobile numbers, bank accounts, UPI IDs, social media advertisements and website linked to the case.

Investigators are also looking into the authenticity and source of the video featuring Narendra Modi and whether it was manipulated or misused to promote the alleged fraudulent scheme.

Police are tracing the money trail to identify the individuals behind the bank accounts that allegedly received Jhala’s investments.