‘A video on Facebook, a chat on Telegram’: Deepfake Nirmala Sitharaman scam costs Bengaluru professor Rs 61 lakh
How did the Bengaluru deepfake investment scam come to light?
According to the complaint, the victim, identified as Nanditha (name changed), a resident of Bengaluru’s Shankarapuram, came across a Facebook ad on March 9. The video, created using deepfake technology, showed Finance Minister Nirmala Sitharaman approving an investment platform (bxbmarket.com) that promised extraordinarily high returns.
Believing that the ad was real, he registered on the platform by providing his contact information.
Shortly after, he received a call from a man who identified himself as “Abhishek”, who contacted him using a mobile phone number in the United Kingdom. He claimed that investing through the platform would yield significant profits and instructed him to complete Know Your Customer (KYC) formalities via email before initiating investments.
Victim transferred Rs 65 lakh to multiple accounts
Trusting the promises made by the fraudsters, the retired professor transferred the money in several installments to nine different bank accounts in more than one bank. He also made payments through various Unified Payment Interface (UPI) IDs.
He transferred a total of Rs 65 lakh during the scam.
To strengthen his trust, the fraudsters initially deposited Rs 3.9 lakh into his account and showed it as investment profit. The returns displayed on the trading platform reportedly exceeded Rs 1 billion, convincing him that the investment was real. However, when he tried to withdraw the amount, the fraudsters demanded additional payment for processing fees, taxes and other charges.
When he questioned these demands and refused to pay any more money, all communication suddenly ceased. The promised returns never materialized and his original investment was not refunded.
After taking into account the Rs 3.9 lakh received earlier, the victim suffered a net loss of approximately Rs 61.1 lakh.
The incident was reported to the national cybercrime hotline 1930 on June 25.
Deepfake scams are becoming increasingly sophisticated
This case shows how cybercriminals are increasingly using artificial intelligence and deepfake technology to impersonate trusted public figures and legitimize fraudulent investment schemes.
In this case, scammers relied on multiple communication channels to establish credibility, including Facebook ads, Telegram chats, overseas phone calls and emails. They also manipulated the trading platform to encourage the victim to continue investing by displaying fake profits.
Cybersecurity experts have repeatedly warned that guaranteed high returns, celebrity endorsements on social media and demands for additional payments before publishing investment returns are common warning signs of investment fraud.
How do you protect yourself from deepfake investment scams?
Authorities advise investors to exercise caution and follow basic cybersecurity practices before investing online:
- Independently verify investment platforms before transferring funds.
- Don’t trust investment ads just because they feature celebrities or public figures.
- Be suspicious of plans that promise guaranteed or unusually high returns.
- Never share KYC documents or transfer money based solely on social media ads, phone calls, Telegram or WhatsApp messages.
- If you suspect cyber fraud, report the incident immediately via the national cyber crime hotline. 1930 or the National Cyber Crime Reporting Portal.
The Bengaluru case is yet another reminder that AI-generated deepfakes are making online investment scams more convincing than ever before, making verification and caution essential before investing any money online.
