'A video on Facebook, a chat on Telegram': Deepfake Nirmala Sitharaman scam costs Bengaluru professor Rs 61 lakh

A retired professor from Bengaluru allegedly lost more than Rs 61 lakh in a sophisticated cyber fraud after being lured by a deepfake investment video that falsely featured Union Finance Minister Nirmala Sitharaman. According to the Times of India, the fraudsters used a fake trading platform, Telegram chats, overseas phone calls and fabricated investment profits to convince the victim to keep transferring money.

How the Bengaluru deepfake investment scam unfolded

According to the complaint, the victim, identified as Nanditha (name changed), a resident of Shankarapuram in Bengaluru, came across a Facebook advertisement on March 9. The video, created using deepfake technology, appeared to show Finance Minister Nirmala Sitharaman endorsing an investment platform (bxbmarket.com) that promised exceptionally high returns.

Believing the advertisement to be genuine, she registered on the platform by submitting her contact details.


Soon afterwards, she received a call from a man identifying himself as "Abhishek", who contacted her using a UK mobile number. He claimed that investing through the platform would generate significant profits and instructed her to complete Know Your Customer (KYC) formalities through email before beginning investments.

Victim transferred Rs 65 lakh to multiple accounts

Trusting the promises made by the fraudsters, the retired professor transferred money in several instalments to nine different bank accounts across multiple banks. She also made payments through several Unified Payments Interface (UPI) IDs.

Over the course of the scam, she transferred a total of Rs 65 lakh.

To strengthen her confidence, the fraudsters initially credited Rs 3.9 lakh into her account, portraying it as investment profits. The displayed returns on the trading platform reportedly crossed Rs 1 crore, convincing her that the investment was genuine.

However, when she attempted to withdraw the amount, the fraudsters demanded additional payments for processing fees, taxes and other charges.

When she questioned these demands and refused to pay more money, all communication abruptly stopped. The promised returns never arrived, and her original investment was not refunded.

After accounting for the Rs 3.9 lakh she had received earlier, the victim suffered a net loss of approximately Rs 61.1 lakh.

She reported the incident to the national cybercrime helpline 1930 on June 25.

Deepfake scams becoming increasingly sophisticated

The case demonstrates how cybercriminals are increasingly using artificial intelligence and deepfake technology to impersonate trusted public figures and make fraudulent investment schemes appear legitimate.

In this case, the scammers relied on multiple communication channels, including Facebook advertisements, Telegram chats, overseas phone calls and emails, to create credibility. They also manipulated the trading platform to display fake profits, encouraging the victim to continue investing.

Cybersecurity experts have repeatedly warned that guaranteed high returns, celebrity endorsements on social media and demands for additional payments before releasing investment proceeds are common warning signs of investment fraud.

How to protect yourself from deepfake investment scams

Authorities advise investors to remain cautious before investing online and follow basic cyber safety practices:

• Verify investment platforms independently before transferring money.
• Do not trust investment advertisements simply because they feature celebrities or public figures.
• Be suspicious of schemes promising guaranteed or unusually high returns.
• Never share KYC documents or transfer funds based solely on social media advertisements, phone calls, Telegram or WhatsApp messages.
• If you suspect cyber fraud, immediately report the incident through the national cybercrime helpline 1930 or the National Cyber Crime Reporting Portal.

The Bengaluru case serves as another reminder that AI-generated deepfakes are making online investment scams more convincing than ever, making verification and caution essential before investing any money online.