The victim encountered the deepfake video on her Instagram feed, where Ambani endorsed the Rajiv Sharma Trade Group, luring investors with promises of high returns through the BCF Academy.
A 54-year-old Ayurveda practitioner from Andheri, Mumbai, became a victim of a sophisticated scam involving a deepfake video featuring industrialist Mukesh Ambani. The fraudsters used the video to promote a fake share trading academy, leading the victim Dr KH Patil, to invest Rs 7.1 lakh in the fraudulent scheme. In April, Dr. Patil encountered the deepfake video on her Instagram feed, where Ambani endorsed the Rajiv Sharma Trade Group, luring investors with promises of high returns through the BCF Academy.
Believing the endorsement to be genuine, Dr Patil searched for the group online and found that they purportedly had offices in London and at the Bandra Kurla Complex in Mumbai, which further convinced her of their legitimacy. Convinced by the video and the academy’s purported international presence, Dr. Patil decided to invest in May and June.
Initially, Dr. Patil’s investments seemed profitable, with the account showing a significant profit of over Rs 30 lakh. However, her attempts to withdraw the funds in July failed, prompting her to realize the deception. Seeking help, she reported the incident to the Oshiwara Police in Andheri.
According to a report in TOI, Dr Patil was duped between May 28 and June 10 when she transferred a total of Rs 7.1 lakh to 16 different bank accounts after being attracted by the promise of high returns and Ambani’s “endorsement”.
The police have initiated an investigation, registering a case against unknown person and scrutinizing 16 bank accounts linked to the scam.
There have been previous incidents involving deepfake videos of Ambani used to promote other fraudulent trading education programs.
The police have also noted a trend of cyber scamsters exploiting social media platforms such as X (formerly Twitter), Facebook, and Instagram to lure unsuspecting investors. A similar scam surfaced after the pre-wedding function of Anant Ambani, where scammers used images from the event to direct people to fraudulent investment platforms.
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