A Pune businessman fell victim to a sophisticated cyber fraud scheme that reportedly involved a deepfake video featuring Finance Minister Nirmala Sitharaman. The incident began when the businessman, aged 56, came across a seemingly legitimate advertisement on Instagram in early June, where the Minister appeared to promote a forex trading investment opportunity. As a result, he was lured into a series of financial transactions, which culminated in a loss of Rs 1.07 crore over a span of approximately two months.

Authorities have indicated that the deepfake video was designed to mislead viewers into believing in the authenticity of the claims being made. Following his engagement with the advertisement, the businessman received a call from an individual who asserted they represented an investment firm. In an effort to build trust, the caller highlighted the potential economic benefits of the investment.

During this initial conversation, the businessman was persuaded to share his Aadhaar number and other personal details, effectively opening the door for further manipulation by the fraudsters.

Engagement with a Relationship Manager

The day after this interaction, another individual reached out to the victim via the messaging platform Telegram. This person introduced himself as a ‘relationship manager’ who facilitated the opening of an account on a platform that was purportedly involved in online trading. In this context, the businessman was requested to submit additional documents, including a cancelled cheque.

To commence his investment, he transferred an initial amount of Rs 20,341. Following this transaction, the amount displayed on the online trading dashboard appeared instantly, lending credibility to the platform. Shortly thereafter, the fraudsters transferred Rs 1,000 to his bank account, claiming it as profit from the initial investment, which served to further establish a sense of trust between them.

Once the businessman felt secure in the trading environment, the fraudsters presented him with an enticing offer to invest in pre-listing shares of SpaceX, promising substantial returns before the company’s public listing. This invitation saw the businessman transferring progressively larger sums to various bank accounts controlled by the perpetrators.

Escalating Investments and Fake Profits

Between June 2 and July 23, the businessman reportedly executed 36 transactions, eventually contributing over Rs 1.07 crore to the scheme. As these funds were transferred, the figures displayed on the trading platform indicated significant profit growth, reinforcing the illusion of a successful investment.

Authorities reveal that at one point, the businessman was able to withdraw approximately Rs 7 lakh from his account, which investigators believe was a tactic to bolster his confidence in the fraudulent platform and further entice him to invest more funds.

Consequently, the businessman’s online account balance was reportedly inflated to nearly Rs 3.98 crore. However, this scenario drastically shifted when he attempted to withdraw the total amount displayed on the platform. Instead of releasing the funds, the fraudsters demanded further payments, leading to a breakdown in communication when the businessman expressed reluctance to comply.

Realisation and Police Investigation

Ultimately, the ruse was uncovered when attempts to withdraw funds resulted in silence from the fraudsters, who ceased responding altogether. The supposed investment opportunities, including the relationship manager and the elusive SpaceX shares, vanished, prompting the businessman to realise he had been defrauded.

Initially, he lodged a complaint through the National Cyber Crime Reporting Portal, after which he approached the Pune Cyber Police for further action. An FIR has been filed, and investigators are actively tracing the digital evidence linked to the fraudulent activities, including bank accounts and communication channels used by the perpetrators.

This case serves as a stark reminder of the potential threats posed by increasingly sophisticated cyber fraud methods in today’s digital landscape.

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