Trading scam: Bengaluru student duped of Rs 3.5 lakh with deepfake video of finance minister

Bengaluru: A 22-year-old student lost around Rs 3.5 lakh to an online investment scam that lured him through a misleading deepfake video of finance minister Nirmala Sitharaman circulating on Facebook. The victim invested the money from his father's account.According to the complaint filed by Haider (name changed), a resident of Thimmaiah Road in Shivajinagar, he came across a deepfake video while scrolling on Facebook. The video appeared to feature Nirmala Sitharaman promoting an online investment platform.
After clicking the link, he was redirected to a trading website where he was encouraged to open an account and start investing. The victim created an account and began transferring money for trading from Feb 2 to March 3. Haider said to gain his trust, the fraudsters initially allowed him to withdraw small amounts — Rs 1,812 on Feb 11, Rs 1,993 on Feb 13, and Rs 4,527 on Feb 16, and he continued investing more money. In total, he invested Rs 3.5 lakh.However, when he later attempted to withdraw a larger amount, the fraudsters allegedly demanded an additional Rs 2 lakh as a processing charge. Realising he had been cheated, the victim approached police. Police said the accused communicated with the victim through a Telegram account and several phone numbers linked to the fraudulent scheme. The complainant has submitted bank statements and transaction details to aid the investigation. A case has been registered under the Information Technology Act, and further investigation is under way. Get the latest lifestyle updates on Times of India, along with Women's day wishes, messages and quotes !