Deepfake impersonation of Finance Minister Nirmala Sitharaman traps Bengaluru woman in Rs 33 lakh fraud

A deepfake video of Nirmala Sitharaman has landed a woman in trouble as she allegedly lost Rs 33 lakh in cyber fraud.

 A 54-year-old woman from CV Raman Nagar in Bengaluru registered on a fraudulent trading site after believing in a deepfake video of Nirmala Sitaraman promoting the platform. The woman registered on the site, sharing crucial banking details, including KYC, and making multiple transactions. The scam also involved emails falsely sent in the name of the Reserve Bank of India and a bank, lending a sense of authenticity to the fraud.

Initially, the woman made a payment of Rs 21,000 after being added to a WhatsApp group. The fraudsters contacted her after three months, identifying themselves as Varnika Reddy, a senior finance adviser of 'Naka Solution Ltd.'

Also Read: Financial assets worth Rs 1.84 lakh crore lying unclaimed with banks, regulators: Nirmala Sitharaman

She claimed her investment has earned a profit of $88,000, which she can withdraw after paying certain charges, including taxes, securities transaction tax, a one-time tax, Foreign Exchange Management Act (FEMA) tax, and atomic wallet fees.

 The woman reportedly made transactions of Rs 33,25,413 to different merchants across multiple banks between October and December before eventually realising that she had been duped.

 The woman lodged a formal complaint with the East Cyber Crime police station. According to the complaint, the woman registered on the site on August 21, soon after which she received a call from an international number, explaining her trading process and subsequently scammed her.

 Despite the reported fraud, the cybercriminals have continued to keep the WhatsApp group active. A senior officer confirmed that a case has been registered under the Information Technology Act and Section 318 (cheating) of the Bharatiya Nyaya Sanhita (BNS).