Pune businessman defrauded using AI-generated deepfake video of Finance Minister
A 56-year-old Pune businessman reportedly lost Rs 1.07 crore in an investment fraud scheme that used an AI-generated deepfake video of Union Finance Minister Nirmala Sitharaman to establish credibility. Fraudsters used the fake video on Instagram, fake trading platforms, fabricated profits and promises of SpaceX share access to manipulate the victim over two months. Police have registered a case and are investigating.
What happened
In early June 2026, a 56-year-old Pune businessman saw an Instagram advertisement featuring an AI-generated deepfake video of Union Finance Minister Nirmala Sitharaman promoting forex trading opportunities with attractive returns. After clicking the link, he was contacted by someone claiming to represent an investment company, who promised high returns and persuaded him to share his Aadhaar and bank details.
A person then contacted the businessman on Telegram as his 'relationship manager' and helped him open an account on a purported online trading platform. Over nearly two months, the fraudsters built credibility by crediting small profits into his account and displaying fabricated trading returns showing his investment growing to nearly Rs 3.98 crore.
The victim was then offered what was described as an exclusive opportunity to buy IPO shares of SpaceX. When he sought to withdraw his funds, fraudsters insisted additional payments were required before release. The businessman made 36 bank transfers totalling Rs 1.07 crore before discovering the fraud.
Reported impact
The 56-year-old businessman lost Rs 1.07 crore to the scam involving the deepfake video of Sitharaman and false investment promises.
Index analysis
The deepfake video was created to falsely project authenticity and exploit the credibility of the Finance Minister. Investigators suspect the promotional video used deepfake technology to make the advertisement appear credible and encourage victims to engage with the fraudulent scheme.
Governance controls
Pune Cyber Police registered a First Information Report after the businessman filed a complaint. Police are tracing the bank accounts, digital communications and people behind the operation.
Classification
Sources and evidence
This record was researched and written by the Index, based on the following original reporting.