A Bengaluru woman lost her life savings – over ₹33 lakh – because she fell for a deepfake of Finance Minister Nirmala Sitharaman promoting a guaranteed profit trading platform. This shows just how risky AI-based fraud can be. She trusted the fake video, thought it was a real endorsement, and walked right into a cybercrime trap.
How the scam began
The 54-year-old from CV Raman Nagar in East Bengaluru, saw the fake video on Facebook. It looked like Sitharaman was backing an online trading platform called Quantam AI as safe and profitable. Thinking it was real, she clicked the link, signed up, and shared her banking and KYC info without suspecting anything.
Soon after, she got a call from an international number and was added to a WhatsApp group run by the scammers. They pretended to be financial advisors ready to guide her through high-return investments.
Modus operandi of the fraud
First, they asked her to invest ₹21,000 as a test. She sent the money to a bank account they shared. Over the next few months, they showed her fake dashboards and statements claiming she'd made about $88,000 in profit. This made her trust the platform.
Then, to get this profit, they said she had to pay various charges: taxes, securities tax, FEMA fees, a one-time tax, and even wallet fees. They sent convincing emails that looked like they were from the Reserve Bank of India and a real bank, using fake email IDs and legit-looking formatting.
How she lost ₹33 lakh
Between October and December, she made 9 transfers totaling about ₹33.25 lakh to six different accounts across several banks. Each payment was supposedly the last step before she could withdraw her earnings. But when no money ever came, she realized the trading portal, emails, and advisors were all part of a big scam.
Even after she knew she'd been scammed, the WhatsApp group was still active, with the scammers still posting messages.
Police action and next steps
She reported the crime to the East Division Cyber Crime Police Station in Bengaluru, sharing details about the deepfake video, phone calls, WhatsApp chats, and bank transfers. Police have filed a case under the Information Technology Act and Section 318 of the Bharatiya Nyaya Sanhita for cheating. They're now investigating to track the money and find the criminals.
Cybercrime officers are warning people to be suspicious of trading offers that seem too good to be true. They advise to double-check endorsements through official government channels and report any suspicious deepfake videos or investment links right away.
