Pune: A 56-year-old businessman from Pune has allegedly lost ₹1.07 crore in a sophisticated cyber investment fraud in which scammers reportedly used a deepfake video of Union Finance Minister Nirmala Sitharaman, a fake forex trading platform and a fabricated pre-listing investment opportunity in Elon Musk’s SpaceX shares to gain his confidence. Investigators said the fraud was carefully executed over nearly two months through multiple stages, including fake investment guidance, manipulated online dashboards, small initial profit payments and repeated demands for larger investments. Pune Cyber Police have registered an FIR and launched an investigation into the organised cyber fraud network.
According to investigators, the fraud began during the first week of June when the businessman came across an Instagram advertisement purportedly featuring the Finance Minister explaining forex trading and claiming that investors could earn substantial returns. The advertisement invited viewers to click on a link or call a phone number to learn trading and begin investing. Police suspect the promotional video was an AI-generated deepfake designed to falsely project authenticity and exploit the credibility of a senior constitutional functionary.
Soon after clicking the advertisement, the victim allegedly received a phone call from a person claiming to represent an investment company. The caller promised lucrative returns through forex trading and claimed that the investment programme would also contribute to India’s economic growth. During the conversation, the businessman was persuaded to share his Aadhaar details and other personal information required for opening an investment account.
The following day, another individual contacted the victim through Telegram, introducing himself as a dedicated relationship manager. The victim was sent a link to a purported online trading platform and was asked to submit additional documents, including a cancelled cheque. He was then instructed to make an initial investment of ₹20,341. Shortly after the payment, the amount appeared in the online trading account, creating the impression that the platform was genuine. To reinforce the deception, the fraudsters transferred ₹1,000 into the victim’s bank account, claiming it represented profits earned from his first investment.
Investigators said the successful credit significantly increased the victim’s confidence in the platform. As trust developed, the fraudsters introduced what they described as an exclusive opportunity to purchase pre-listing shares of Elon Musk’s SpaceX. The victim was allegedly told that the investment would generate exceptionally high returns within a short period, prompting him to continue investing.
Police said that between June 2 and July 23, the businessman transferred money in 36 separate transactions to multiple bank accounts allegedly controlled by the fraudsters. Investigators suspect these accounts were mule accounts used to receive and distribute illegally obtained funds. During this period, the online trading dashboard continued displaying steadily increasing profits. Authorities said the victim was even allowed to withdraw nearly ₹7 lakh initially, a tactic believed to have been used to strengthen his confidence before encouraging him to reinvest the money. Eventually, the online account displayed an apparent balance of nearly ₹3.98 crore.
The fraud came to light when the businessman attempted to withdraw the accumulated amount. According to investigators, the fraudsters repeatedly demanded additional payments, claiming various taxes, processing fees and clearance charges had to be paid before the funds could be released. When the victim refused to make further payments and the accused stopped responding to his calls, he realised he had been cheated and immediately lodged a complaint through the National Cyber Crime Reporting Portal before approaching Pune Cyber Police.
Prof. Triveni Singh, renowned cybercrime expert and former IPS officer, said cybercriminals are increasingly using AI-generated deepfake videos, fake investment platforms and fabricated endorsements of public personalities to create an illusion of legitimacy. He advised investors never to trust investment advertisements circulated through social media without independent verification, avoid schemes promising guaranteed or unusually high returns, verify every investment platform through official regulatory authorities, and immediately report suspicious financial transactions to the cybercrime helpline or law enforcement agencies, as early reporting significantly improves the chances of tracing and freezing fraudulent funds.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
