Army Veteran Defrauded of ₹1 Crore in Deepfake Investment Scam
Deepfake video of PM, Sitharaman used to cheat Army veteran of Rs 1 cr
The Indian Express
Image: The Indian Express
An Army veteran from Pune, India, was deceived out of ₹1 crore (approximately $120,000 USD) through a deepfake video featuring Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman. The scam promised high returns on forex trading, leading the victim to invest significant amounts before realizing he was cheated.
- 01The victim was an Army veteran from Pune who lost ₹1 crore in an online scam.
- 02Deepfake videos of prominent leaders were used to promote a fraudulent investment platform.
- 03The scam promised monthly returns of ₹1 lakh for an investment of ₹22,000.
- 04Investigators have identified multiple cases using deepfake videos of various industry leaders.
- 05The victim was manipulated into investing more money after seeing false profits displayed in the application.
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An Army veteran in his 80s from Kondhwa, Pune, India, fell victim to a sophisticated online investment scam involving deepfake videos of Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman. The fraudsters lured him with promises of high returns on forex trading, claiming that an investment of ₹22,000 could yield monthly returns of ₹1 lakh (approximately $1,200 USD). After clicking a link in the deepfake video, the veteran was directed to a malicious application where he was manipulated into investing a total of ₹1.01 crore (around $120,000 USD). Initially, the app displayed false profits of ₹4.54 crore (approximately $550,000 USD), convincing him to invest even more. When he attempted to withdraw his 'earnings', he was asked to pay additional fees, prompting him to report the incident to the police. Cyber investigators in Pune and Pimpri Chinchwad have noted a rise in similar scams using deepfake technology, with other notable figures being exploited in these fraudulent schemes.
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This case highlights the growing threat of online scams using advanced technology, affecting vulnerable individuals like senior citizens.
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