ChatGPT alert saves Bengaluru man from deeper ₹67.10 lakh cyber scam

Bengaluru

A response from Artificial Intelligence chatbot ChatGPT helped a 77-year-old Bengaluru retiree avert further losses after cybercriminals cheated him of ₹67.10 lakh through a fake stock market investment scheme, police said.

The victim, a resident of Binnypet, told the Cyber Crime Police Station (CCPS) that he was approached on November 25, 2025, by individuals claiming to represent IIFL Wealth Management. They promised him sizable “pre-Initial Public Offering (IPO) allotments” with assured profits.

After signing an agreement, the retiree deposited ₹5 lakh at the fraudsters’ insistence. He was later informed that he had been allotted 150 shares of ICICI Prudential AMC, showing a notional profit of ₹80,000, according to the FIR.

Encouraged by this, the scammers persuaded him to invest ₹23.10 lakh in another IPO. He was subsequently told that he had been allotted 2.24 lakh shares at ₹45 each—far exceeding the quantity he had sought.

When the victim expressed his inability to pay for the allotment, the fraudsters offered him a loan of ₹36.79 lakh at 13% interest, on the condition that he repay ₹42 lakh. He agreed to the proposal.

On January 1, the scammers claimed the shares were sold at ₹125 each, projecting a profit of nearly ₹2 crore. However, when the victim requested a payout of ₹40 lakh and settlement of the loan from the profits, the request was refused.

Alarmed, the complainant independently verified the company using ChatGPT, which revealed multiple complaints and flagged the entity as fraudulent. Shocked by the findings, he approached the police.

An FIR was registered on January 3 at the CCPS, Bengaluru. Further investigation is underway.