Pune : Businessman Loses Rs 1.07 Crore in AI Deepfake Investment Scam Using FM Sitharaman’s Image
Pune, 5th August 2026: A 47-year-old businessman was allegedly duped of Rs 1.07 crore after cyber fraudsters used an AI-generated deepfake video of Union Finance Minister Nirmala Sitharaman to lure him into investing in a fake online trading platform.
According to police, the businessman, a resident of Ghorpadi and a retired Indian Air Force officer, came across a viral social media video in which Sitharaman was falsely shown endorsing an investment scheme promising returns of up to Rs 30 lakh a month on an initial investment of Rs 22,000. Believing the video to be genuine, he contacted the number displayed in the advertisement.
The fraudsters allegedly asked him to open a demat account and initially credited Rs 1,000 to his account as “trading profit” to gain his confidence. They later persuaded him to invest in shares of Elon Musk’s company through a fake trading platform, promising high returns.
Over time, the victim transferred Rs 1.07 crore into 36 different bank accounts controlled by the fraudsters. When he later attempted to withdraw his profits, the accused stopped responding, prompting him to approach the police.
A case has been registered at the Shivajinagar Cyber Police Station, and an investigation is underway.
Meanwhile, the government’s PIB Fact Check unit has clarified that the viral video is AI-generated and fake. It said neither Finance Minister Nirmala Sitharaman nor the Government of India has endorsed, approved or promoted any such investment scheme.
PIB warned that cybercriminals are increasingly using AI-generated deepfake videos, fabricated endorsements and promises of unrealistic returns to deceive investors. It advised citizens to verify investment offers only through official sources and avoid relying on viral social media posts or sharing banking and personal information with unknown platforms.
Cyber police have also urged the public to exercise caution while responding to investment advertisements on social media and to thoroughly verify the credentials of companies, websites and investment schemes before transferring money.
