Pune, 5th August 2026: A Pune-based businessman has been cheated of ₹1.07 crore in a sophisticated cyber fraud in which scammers allegedly used an AI-generated deepfake video of Union Finance Minister Nirmala Sitharaman to promote fake investment opportunities.
The fraud was carried out using a bogus online trading platform, fake investment returns and a Telegram-based 'relationship manager'. Pune Cyber Police have registered a case and launched an investigation.
According to police, the businessman came across an Instagram video appearing to show Nirmala Sitharaman recommending an online trading and investment scheme. Investigators later confirmed that the video had been created using artificial intelligence and was a deepfake.
Believing the video to be genuine, the victim clicked on the attached link and submitted personal details, including Aadhaar-related information. The following day, he was contacted on Telegram by a person claiming to be a relationship manager, who helped him open an account on a fake trading platform and asked him to make an initial investment of ₹20,000.
Soon after the first transaction, the fraudsters transferred ₹1,000 back to the victim, presenting it as investment profit. This convinced him that the trading platform was genuine.
Between June 2 and July 23, the businessman made 36 separate transactions, transferring a total of ₹1.07 crore. Throughout this period, the fake trading portal displayed steadily increasing profits, encouraging him to invest larger amounts.
The scam came to light when the businessman attempted to withdraw both his investment and the displayed profits. The accused immediately stopped responding, prompting him to realise he had been cheated.
He subsequently lodged a complaint through the National Cyber Crime Reporting Portal, following which Pune Cyber Police registered an FIR and began an investigation.
Preliminary investigation has revealed that the fraudsters also enticed the victim by claiming he could earn substantial returns by investing in pre-listing shares of SpaceX. Police are now tracing the money trail and identifying those involved in the cyber fraud.
Cyber Police have urged citizens not to trust investment advice circulated through social media videos, celebrity endorsements or messaging apps without verification. They have also advised people to verify the authenticity of trading platforms before investing and to immediately report suspicious online activities to the cyber crime helpline or the National Cyber Crime Reporting Portal.