Deepfake Sitharaman Video Scams Businessman Out of ₹1.07 Crore

A 56-year-old Pune businessman lost ₹1.07 crore in a cyber fraud, initially drawn in by an AI-generated deepfake video of Finance Minister Nirmala Sitharaman promoting a forex investment opportunity on Instagram.

Fraudsters subsequently contacted the victim, claiming to represent an investment company, and cultivated trust through fabricated trading returns displayed on a fraudulent online platform.

Key Deception Metrics

• Total Investment: ₹1.07 crore
• Number of Transactions: 36, conducted between June 2 and July 23
• Initial Profit Payment: ₹1,000 deposited into the victim’s bank account
• Displayed Fake Profits: Nearly ₹3.98 crore on the fraudulent dashboard
• Allowed Withdrawal (Reinvested): Approximately ₹7 lakh

Building Trust Through Fabricated Returns

The scam perpetrators showed the businessman consistently increasing profits on their fake trading dashboard, which eventually indicated a balance of nearly ₹3.98 crore. They further solidified trust by allowing him to withdraw approximately ₹7 lakh, which he later reinvested into the scheme.

Alongside these fabricated returns, the fraudsters offered exclusive access to pre-listing SpaceX shares, adding another layer of perceived legitimacy to their investment opportunity.

The Unraveling of the Scheme

The elaborate fraud unraveled when the businessman attempted to withdraw the entire accumulated amount from the platform. At this critical juncture, the fraudsters demanded additional payments, then abruptly ceased all communication, revealing the scheme’s true nature.

Recognizing the fraud, the victim promptly reported the incident to the National Cyber Crime Reporting Portal and the Pune Cyber Police. Authorities have since registered an FIR and initiated an investigation into the involved bank accounts, digital communications, and individuals.