Nirmala Sitharaman deepfake, ‘SpaceX shares’: How Pune man lost Rs 1.07 crore

According to the FIR, the fraud began in the first week of June when the victim was browsing Instagram at home and came across an advertisement purportedly featuring Sitharaman explaining forex trading and how investors could earn substantial returns. The advertisement invited viewers to click a link or call a phone number to learn to trade and begin investing. Investigators suspect the promotional video was a deepfake created to falsely project authenticity and exploit the credibility of a senior functionary.

Aadhaar and bank details sought

Soon after the businessman clicked on the ad, he received a phone call from a person claiming to be an investment company executive. The caller promised high returns through forex trading and claimed the investment would also contribute to India’s economic development. The victim was persuaded to share his Aadhaar details and other personal information.

The following day, the victim was contacted on Telegram by a person posing as his account manager, who sent him a link to the purported trading platform and sought additional documents, including a cancelled cheque. He was asked to make an initial investment of Rs 20,341. Shortly after the payment, the amount appeared in the online trading account created in his name, convincing him that the platform was genuine. To strengthen the illusion, the fraudsters transferred Rs 1,000 into his bank account, describing it as profit earned from his first investment. The successful credit reinforced the victim’s confidence and prompted him to continue investing through the platform.

“As the victim’s trust deepened, the fraudsters unveiled what they claimed was a premium investment opportunity. The so-called account manager told him that pre-listing shares of Elon Musk’s SpaceX were available for purchase and urged him to invest immediately, promising exceptionally high returns within a short period. Between June 2 and July 23, the victim transferred money in 36 transactions to multiple bank accounts specified by the fraudsters, all of which were mule accounts. The total amount transferred eventually reached Rs 1.07 crore,” said an officer.

Throughout this period, the online trading portal continued to display steadily increasing profits. Investigators said the victim was initially allowed to withdraw around Rs 7 lakh, a move believed to have been designed to strengthen his confidence. Encouraged, he reinvested the money. The dashboard eventually showed that his investment had grown to nearly Rs 3.98 crore.

However, when he sought to withdraw the amount, the fraudsters insisted that additional payments were required before the funds could be released. As they continued demanding more money and eventually stopped responding to his calls, the businessman realised he had been cheated. He subsequently lodged complaints on the National Cyber Crime Reporting Portal before approaching the Pune cyber police, who are now investigating the case.

Authorities have repeatedly advised against downloading trading apps through links received on social media or messaging platforms and warned investors to be wary of schemes promising unrealistic or assured returns. Victims of cyber fraud have been urged to immediately call the national cybercrime helpline, 1930, or lodge a complaint on the cybercrime reporting portal, as prompt reporting improves the chances of tracing and freezing fraudulent transactions.