Fake Finance Minister Endorsement in Deepfake Video Leads to ₹6.6 Million Investment Fraud

A resident of Uttarakhand was allegedly defrauded of ₹6.6 million in an online investment scam involving an AI-generated deepfake video featuring Indian Finance Minister Nirmala Sitharaman.

According to police, the victim came across a video on Facebook that appeared to show the minister endorsing an investment app promising ₹650,000 returns in seven days for a ₹21,000 deposit. Believing it to be genuine, he downloaded the app and registered.

Following registration, the victim was contacted via WhatsApp and email by individuals claiming to be representatives of a now-defunct fraudulent investment portal, cryptopromarket.com. Between May 7 and 29, he transferred ₹6.6 million across multiple transactions to the scammers’ bank accounts, lured by promises of high crypto returns. The scammers then ceased all communication.

Police traced the suspects through bank account details and assistance from Meta, as the perpetrators had masked their location using VPNs, proxy servers, and public Wi-Fi. Two individuals were arrested in Noida, and authorities recovered 12 ATM cards, six SIM cards, and six cheque books.

The two have been sentenced to jail. Investigations are ongoing to identify additional accomplices, including suspected overseas links.

Last month, the Press Information Bureau (PIB) flagged as fake a video showing Finance Minister Nirmala Sitharaman endorsing a trading platform called “QuantumAl”. The same deepfake was likely used to promote a different fraudulent app in this case.

BrokersView reminds you

Deepfake videos are increasingly used in fraudulent investment schemes to fabricate legitimacy and mislead investors, posing serious financial risks.

If you spot similar deceptive content on social media, report it through BrokersView to help prevent further harm.