Deepfake videos of Narayana Murthy, Mukesh Ambani: Bengaluru residents lose Rs 87 lakh in trading scam

Believing the video was genuine, she responded to the post and was subsequently contacted by a person via email, urging her to invest for high returns. Initially, Veena invested Rs 1.4 lakh using her credit card and received a small profit of Rs 8,363, which prompted her to invest an additional Rs 6.7 lakh. This time, however, no profits were paid, she told the police.

In another fraud, Veena found a work-from-home job ad on Instagram, which connected her to fraudsters on Telegram. They allegedly instructed her to rate products on the ASOS platform for a small profit. When she started by investing Rs 779 twice, she received minor returns, which reinforced her trust. She ultimately invested Rs 57.2 lakh in multiple transactions to various accounts, receiving only Rs 55,997 as opposed to the Rs 67.1 lakh she expected, she told the police. When she was asked to pay additional taxes and processing fees, she realised she had been cheated and reported the case to the cyber helpline and the police.

In a second case, Asok Kumar T S, 63, from Rajapura in Bengaluru Rural, lost Rs 19 lakh to scammers over a four-month period from May 30 to October 3. Kumar had seen videos on Facebook of “Narayana Murthy” and “Mukesh Ambani” promoting the ‘FX Road.com’ trading platform.

Believing they were genuine endorsements, he opened an account and transferred Rs 19 lakh through multiple transactions to two bank accounts provided by the scammers but did not get any returns or refunds, he told the police.

A senior police officer said scammers are increasingly using deepfakes of well-known people to exploit unsuspecting victims. He advised the public to be vigilant when encountering social media posts featuring prominent figures endorsing investment platforms.

What is deepfake?

Deepfake is a combination of the terms ‘deep learning’ and ‘fake’. It refers to artificial intelligence software that overlays a digital composite onto an existing video or audio file. Deepfakes are generated using machine learning models that employ neural networks to manipulate images and videos.

The Delhi High Court recently expressed concern about the growing number of deepfakes. It directed the Union government to submit a status report regarding this issue. The court requested information on whether a dedicated and high-powered committee has been formed to create guidelines for regulating deepfake technology. 

In January this year, actor Rashmika Mandanna’s deepfake video went viral, raising concerns. The police arrested Eemani Naveen, an engineer from Andhra Pradesh, who created the deepfake video in an attempt to increase his Instagram followers.

Journalist Rajdeep Sardesai and Infosys Foundation chairperson Sudha Murty, wife of Narayana Murthy, are some of the other prominent personalities whose deepfake videos have been used by cybercriminals.