A 66-year-old man from Bengaluru has become the latest victim of an online investment scam after fraudsters allegedly used a deepfake video of Union Finance Minister Nirmala Sitharaman to convince him to invest in a fake government-backed scheme. The victim reportedly lost ₹6.88 lakh, highlighting the growing threat posed by AI-generated deepfake technology in cyber fraud.
According to the police, the victim, a resident of Narayanapura in Bengaluru, came across a video on Facebook that falsely claimed the Central Government and the State Bank of India (SBI) had launched a special investment programme offering exceptionally high returns. The video appeared to show Finance Minister Nirmala Sitharaman endorsing the scheme, making it look authentic and trustworthy. Investigators later confirmed that the video had been created using deepfake technology.
Believing the investment opportunity to be genuine, the victim clicked on the link provided in the social media post and submitted his Know Your Customer (KYC) details along with other personal information. Soon afterwards, he received a call from an individual using a WhatsApp number with a United Kingdom (+44) country code. The caller claimed that investing a larger amount would generate significantly higher returns within just a few days.
Initially encouraged to invest ₹22,000, the victim was persuaded to transfer more than ₹6 lakh, with the fraudsters promising that an investment of ₹6 lakh would grow to ₹15 lakh within ten days. Trusting the claims and believing the scheme had official government backing, he transferred a total of ₹6.88 lakh to multiple bank accounts between March and June.
When the promised returns never arrived and the fraudsters stopped responding to calls and messages, the victim realised he had been deceived. He subsequently filed a complaint with the Cyber Crime Police Station of Bengaluru’s North-East Division, prompting an investigation into the fraudulent network behind the scam. Police are now working to trace the individuals involved and identify the bank accounts used to receive the stolen money.
Cybersecurity experts warn that criminals are increasingly exploiting artificial intelligence to create convincing deepfake videos and audio recordings of well-known public figures. These manipulated videos are designed to gain public trust by falsely suggesting that government leaders, celebrities or financial experts endorse investment platforms, cryptocurrency schemes or trading applications. Such scams have become increasingly sophisticated and difficult to identify.
Authorities have advised citizens to remain cautious of investment opportunities promoted through social media, particularly those promising guaranteed or unusually high returns in a short period. Government agencies and public sector institutions generally announce financial schemes only through their official websites and verified communication channels. Experts also recommend verifying any investment opportunity independently before sharing personal information or transferring money.
The Bengaluru incident serves as another reminder of the growing misuse of AI-powered deepfake technology in financial fraud. As cybercriminals continue to exploit the credibility of public figures, law enforcement agencies are urging people to verify online content carefully, avoid clicking on suspicious links and report suspected scams immediately to cybercrime authorities.
