A highly sophisticated cyber fraud using deepfake technology has surfaced, where an AI-generated video impersonating Defence Minister Rajnath Singh is being circulated on social media to lure unsuspecting individuals into a fake investment scheme. The scam, which promises unrealistic returns, has raised serious concerns about the misuse of artificial intelligence in financial crimes.
According to reports, the deepfake video has been designed to appear like an official government announcement. It features visuals resembling a formal address, complete with the State Emblem of India, subtitles, and branding elements that give it an appearance of authenticity. The video falsely claims that an investment of ₹22,000 can generate daily profits of up to ₹80,000 and monthly earnings worth lakhs—claims that experts describe as completely unrealistic and fraudulent.
FCRF Academy Launches Premier Anti-Money Laundering Certification Program
How the Deepfake Video Tricks Victims
What makes this scam particularly dangerous is the level of detail and psychological manipulation involved. The video dynamically inserts the current date, creating a sense of urgency and immediacy. It also displays live counters such as “Today’s Profit” and “Monthly Income,” which increase in real time, giving viewers the illusion that the scheme is actively generating returns.
Adding to the deception, logos of major financial institutions like State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Bank of Baroda, Punjab National Bank, and Infosys are displayed as so-called “official partners,” even though none of these institutions are associated with the scheme. Experts say such tactics are deliberately used to build trust and lower suspicion among viewers, especially those less familiar with digital fraud techniques.
Two‑Stage Cyber‑Fraud Funnel and UPI Mule‑Account Scheme
Investigations suggest that the scam operates through a structured two-stage funnel commonly used in modern cyber frauds. Initially, users are targeted via sponsored posts or viral content on social media platforms, often tailored to retirees, salaried individuals, and first-time investors. Once users click on the link, they are redirected to a fake website designed to mimic legitimate investment platforms.
At this stage, users are prompted to enter personal details such as name, mobile number, and PAN information. Following this, they are asked to make an initial deposit—typically around ₹22,000—through UPI or bank transfer into mule accounts controlled by the fraudsters.
After the payment, victims are shown fabricated dashboards displaying high returns, reinforcing the illusion of success. However, when they attempt to withdraw funds, they are asked to pay additional charges under various pretexts such as taxes, verification fees, or compliance costs. Eventually, withdrawals are blocked, and the platform becomes inaccessible, leaving victims with significant financial losses.
Authorities indicate that victims in similar scams have lost amounts ranging from ₹50,000 to over ₹2 crore, with a noticeable rise in such complaints in recent times. The use of deepfake technology has made these scams more convincing and harder to detect.
Social‑Engineering Risks, Public Warnings, and Need for Action
Cybersecurity experts warn that such scams rely heavily on “social engineering,” where criminals exploit trust, authority, and urgency to manipulate victims. They advise users to remain cautious of any investment opportunity promising unusually high or guaranteed returns.
Citizens are strongly advised not to click on suspicious links, avoid sharing personal or financial information, and report such content immediately. Victims should contact the cybercrime helpline (1930) and file complaints without delay to improve the chances of fund recovery.
The incident underscores the urgent need for stronger digital awareness, advanced detection tools, and coordinated action by platforms, financial institutions, and law enforcement agencies to combat the growing threat of AI-driven financial fraud.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
