Govt to use AI to detect fraud in 2.9 lakh investor refund claims

Indian government is reportedly planning to deploy 12 AI services to scrutinise nearly 2.9 lakh pending claims filed with the Investor Education and Protection Fund Authority (IEPFA) involving unclaimed shares, unpaid dividends and matured deposits. The system will flag forged documents, fake claimants, duplicate applications and suspicious patterns. AI services won't approve or reject claims.