A 56-year-old businessman from Pune has allegedly lost ₹1.07 crore after falling victim to a sophisticated cyber investment scam that used a deepfake video of Union Finance Minister Nirmala Sitharaman to lure investors. The fraudsters also promised access to pre-listing shares of Elon Musk’s SpaceX, convincing the victim to invest over nearly two months before disappearing with the money.
The Pune Cyber Police have registered an FIR and launched an investigation into what officials believe was a carefully orchestrated fraud involving fake investment platforms, fabricated trading profits, and multiple bank accounts used to siphon off funds.
According to the police complaint, the scam began in early June when the businessman came across an Instagram advertisement featuring what appeared to be Finance Minister Nirmala Sitharaman promoting forex trading and claiming investors could earn high returns. Believing the video to be genuine, he clicked on the advertisement and was contacted by a person posing as an investment executive.
The caller allegedly assured him that the investment scheme offered lucrative returns while also contributing to India’s economic growth. During the onboarding process, the victim was asked to share Aadhaar details, personal documents, and later a cancelled cheque for verification.
Soon afterwards, another individual introduced himself as the victim’s relationship manager on Telegram and guided him to a trading platform that appeared authentic. To gain his trust, the fraudsters persuaded him to make an initial investment of ₹20,341.
Investigators said the accused used a common confidence-building tactic by immediately reflecting the investment on the trading dashboard and transferring ₹1,000 into the victim’s bank account as trading profit. The successful payout convinced him that the platform was genuine.
Once his confidence grew, the fraudsters introduced what they described as an exclusive investment opportunity in pre-listing shares of SpaceX. They claimed the shares would generate extraordinary returns once the company went public, prompting the businessman to invest larger amounts.
Between June 2 and July 23, the victim transferred money through 36 separate transactions to multiple bank accounts allegedly controlled by the fraudsters. Police suspect these accounts were mule accounts created to obscure the movement of funds. In total, he invested ₹1.07 crore.
Throughout the investment period, the fake trading portal continued displaying steadily increasing profits. To further reinforce the deception, the victim was allowed to withdraw nearly ₹7 lakh, strengthening his confidence in the scheme. Encouraged by the successful withdrawal, he reinvested the amount along with additional funds.
By the end of the investment cycle, the online dashboard reportedly showed that his portfolio had grown to nearly ₹3.98 crore.
The fraud came to light when the businessman attempted to withdraw the displayed amount. Instead of processing the request, the fraudsters allegedly demanded additional payments under the guise of taxes, processing fees and other formalities. When the demands continued and communication eventually ceased, the victim realised he had been cheated.
He subsequently filed a complaint through the National Cyber Crime Reporting Portal before approaching the Pune Cyber Police, who are now investigating the case and working to trace those involved.
Police have once again urged citizens to exercise caution while responding to investment advertisements on social media, particularly those featuring celebrities, government officials or other public figures. Investigators warned that cybercriminals are increasingly using deepfake technology to create convincing promotional videos and lure unsuspecting investors into fraudulent schemes.
