How a deepfake Nirmala Sitharaman video cost a Pune businessman Rs 1 crore

A video that appeared to show Finance Minister Nirmala Sitharaman promoting a lucrative forex investment opportunity caught the attention of a Pune businessman scrolling through Instagram. Nearly two months, 36 bank transfers and Rs 1.07 crore later, police say he discovered that the minister, the trading platform and his soaring profits were all part of an elaborate cyber fraud.The 56-year-old businessman was allegedly drawn into the scheme using an AI-generated deepfake video, before fraudsters gained his trust with fabricated trading returns, a small profit payment and promises of early access to SpaceX shares.Pune Cyber Police have registered an FIR and are tracing the bank accounts, digital communications and people behind the operation.THE VIDEO THAT STARTED IT ALLThe alleged fraud began in early June when the businessman came across an Instagram advertisement featuring what appeared to be Sitharaman explaining how investors could earn attractive returns through forex trading. Police suspect the video was created using deepfake technology to make the advertisement appear credible and exploit the authority of the Finance Minister’s image.After clicking on the advertisement, the businessman was contacted by a person claiming to represent an investment company. The caller allegedly promised lucrative returns and sought to portray the investment as one that would also benefit India’s economy. During the conversation, the victim was persuaded to share his Aadhaar details and other personal information.A ‘RELATIONSHIP MANAGER’ TAKES OVERThe following day, another person contacted the businessman on Telegram and introduced himself as his relationship manager.The caller helped him open an account on what appeared to be an online trading platform and asked him to submit further documents, including a cancelled cheque.The businessman was then persuaded to make an initial investment of Rs 20,341.Police said the amount immediately appeared on the online trading dashboard, making the platform seem genuine.The fraudsters then transferred Rs 1,000 into his bank account, claiming it was the profit earned on his first investment. This payment helped establish trust, according to investigators.THE SPACEX BAITOnce the businessman became comfortable with the platform, the accused allegedly offered him what they described as an exclusive investment opportunity.They claimed he could purchase pre-listing shares of Elon Musk’s SpaceX before the company went public and promised exceptional returns within a short period.The victim began transferring increasingly large sums to bank accounts provided by the fraudsters.Between June 2 and July 23, he allegedly made 36 transactions towards multiple accounts controlled by the accused. His total investment eventually crossed Rs 1.07 crore.PROFITS KEEP RISING ON SCREENAs the money flowed out of the businessman’s bank account, the figures displayed on the trading platform kept rising.The fake dashboard showed growing profits, reinforcing the impression that his investments were performing exceptionally well.Police said the victim was even permitted to withdraw around Rs 7 lakh at one stage. Investigators suspect this was intended to deepen his confidence in the platform and persuade him to invest further.The businessman subsequently reinvested the money. Eventually, the value displayed in his online account rose to nearly Rs 3.98 crore.THE WITHDRAWAL THAT EXPOSED THE FRAUDThe scheme began to unravel only when the businessman tried to withdraw the entire amount shown on the platform.Instead of releasing the funds, the fraudsters allegedly demanded further payments. When he refused or questioned the demands, they stopped responding.The apparently profitable investment account, the SpaceX shares and the relationship manager then disappeared behind unanswered messages and inaccessible funds.Realising he had been cheated, the businessman first lodged a complaint on the National Cyber Crime Reporting Portal and later approached Pune Cyber Police.An FIR has been registered, and investigators are now tracing the beneficiary bank accounts, Telegram communications, Instagram advertisement and other digital evidence linked to the alleged fraud.- EndsPublished By: Aprameya RaoPublished On: Aug 4, 2026 21:13 IST