Sitharaman's deepfake videos used to promote fake trading apps
Scammers are using AI-generated deepfake videos of Finance Minister Nirmala Sitharaman to push fake trading apps, promising huge returns, like ₹20 lakh to ₹25 lakh per month from just a ₹22,000 investment.
The Deepfakes Analysis Unit confirmed these clips use advanced lip-sync and voice cloning to make the pitch look real.
One woman lost ₹43.4 lakh; no government official endorsed platforms
Deepfake videos have been used to falsely suggest Sitharaman endorsed or invested in platforms such as Quantum AI; scammers have also directed victims to fraudulent trading apps (for example, ACSTRADE).
One Bengaluru woman lost ₹43.4 lakh after following a deepfake video on Instagram — she downloaded the app, linked her bank account, and made multiple transfers before realizing it was a scam.
Her bank froze the account; police have registered a case and are investigating; authorities and fact-check units have advised people to report suspicious content to PIB WhatsApp (+91-8799711259), factcheck@pib.gov.in, or cybercrime helplines.
No government official has endorsed these platforms, so stay alert.