AI-Generated Video of FM Nirmala Sitharaman Lures Bengaluru Woman into Rs. 43 Lakh Trading Fraud

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A 57-year-old woman from Bengaluru’s CV Raman Nagar was robbed of approximately Rs. 43 lakh in a trading scam that was promoted through a deepfake of Finance Minister Nirmala Sitharaman. The woman reportedly signed up for the trading platform after watching a Facebook deepfake video and ended up sharing all her personal information without hesitation.

The Anatomy of the Deepfake Deception and Initial Investment

The Bengaluru woman fell for a deepfake video of FM Nirmala Sitharaman on Facebook promoting a fraudulent trading platform. The woman believed the content to be genuine and registered on the fake site. She provided her complete personal information, including banking and KYC details.

The victim soon received a call from an international number, explaining the fraudulent trading process to her. She was also added to a WhatsApp group for the scheme and asked to transfer an initial investment of Rs. 21,000 to begin trading. The lady complied and transferred the specified amount to a bank account. This marked the starting point of the elaborate scam that lasted for months. The fraud relied on the authority lent by the deepfake video.

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False Profits, Hefty Fees, and Police Action

Three months after her initial transfer, the woman received another call. The caller identified herself as Varnika Reddy, a senior finance adviser. Reddy claimed to be from 'Naka Solution Ltd.' and falsely informed her of a profit of $88,000. They stated that this substantial amount could only be withdrawn after paying various charges. These fees included taxes, securities transaction tax, a one-time tax, and FEMA tax.

The fraudsters used replica email IDs to mimic genuine organizations. These fake IDs resembled those of the Reserve Bank of India and 'Naka Solution.' The 57-year-old transferred around Rs. 43.4 across multiple bank accounts. These transfers occurred in nine transactions between October and December.

The woman eventually realized that the platform and its activities were fraudulent. She subsequently complained to the East Cyber Crime police station. A senior officer confirmed a case was registered under the Information Technology Act. BNS section 318 for cheating was also invoked against the unknown individuals. 

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The cybercriminals, however, kept the WhatsApp group active. This gives reason to hope for the swift arrest and prosecution of the criminals involved.