- A 66-year-old retiree from Bengaluru has allegedly lost ₹6.88 lakh after fraudsters used an AI-generated deepfake video of Union Finance Minister Nirmala Sitharaman to promote a fake investment scheme on Facebook.
- The victim came across a Facebook video in which a digitally manipulated version of Sitharaman appeared to endorse a platform described as a Ministry of Finance-backed investment scheme developed in association with the State Bank of India.
- After clicking the link, the victim submitted his KYC and personal details.
- The victim received a WhatsApp call from an international number beginning with the UK country code (+44).
- Believing the claims, the retiree transferred a total of ₹6.88 lakh in multiple transactions between March and June this year.
- The victim later filed a complaint with the Northeast Cybercrime Police after realizing he had been cheated.
- Police have registered a case and launched an investigation to trace the accused and track the flow of the transferred funds.
- This incident is part of a growing trend where cybercriminals use artificial intelligence and fake endorsements by public figures to make investment scams appear authentic.
- In a similar incident, a retired professor lost more than ₹61 lakh after watching another deepfake video featuring the finance minister on Facebook.
- The Press Information Bureau’s Fact Check unit clarified that the videos were digitally altered and that neither the Finance Minister nor the Government of India had launched or endorsed any such investment programme.
- Authorities have warned the public that the clips were designed solely to deceive people into parting with their money.
A 66-year-old retiree from Narayanapura, Bengaluru, fell victim to a sophisticated scam involving a deepfake video of Finance Minister Nirmala Sitharaman.1
The video falsely claimed to promote a lucrative investment scheme backed by the Ministry of Finance and the State Bank of India.
According to the FIR, the retiree clicked on a link in the video, submitted his KYC and personal details, and was later contacted via WhatsApp by scammers using a UK number (+44).3
They promised returns of ₹15 lakh on an investment of over ₹6 lakh within just 10 days.
Trusting the authenticity of the scheme, he transferred a total of ₹6.88 lakh in multiple transactions between March and June this year.5
When no returns were received, he realized he had been defrauded and reported the incident to the Northeast Cybercrime Police, who have since launched an investigation.
This incident underscores the alarming rise of AI-generated deepfake scams, as cybercriminals increasingly exploit technology to deceive individuals.
Cybersecurity experts have warned the public to verify investment schemes promoted on social media and to avoid clicking on suspicious links.
The Press Information Bureau’s Fact Check unit previously clarified that such videos are digitally altered and that neither the Finance Minister nor the Government of India endorsed any investment program.10
Authorities continue to urge vigilance against these deceptive tactics.
“The deepfake clip falsely showed Sitharaman endorsing a Ministry of Finance-backed investment platform developed with the State Bank of India, promising returns of ₹15 lakh in 10 days. The victim was lured via a WhatsApp call from a UK number and transferred funds over three months before realizing the fraud and filing a complaint.”
News18
Deccan Herald
The Siasat Daily
