Dr. KH Patil, a doctor based in Mumbai, India, recently fell victim to a scam after being defrauded of over INR 700,000 by fraudsters who used a deepfake video of Indian billionaire Mukesh Ambani.
The video showed Ambani endorsing a virtual stock trading academy called Rajive Sharma Trade Group and encouraging people to join the BCF Academy for promising investment returns, India Today mentionted.
According to the woman’s police complaint, Patil came across the convincing deepfake video on Instagram in April.
Trusting the authenticity of the endorsement, the 54-year-old Ayurveda practitioner searched for more information online and discovered the group’s supposed offices in London and Mumbai, which further convinced her of their legitimacy.
According to the first information report (FIR), Patil invested a total of over INR 700,000 between May and June, which gave her a profit of over INR 30,000. However, when she tried to withdraw the winnings, her efforts failed repeatedly.
Realizing that she had been duped, her friends advised her to contact the police.
The Oshiwara police in Andheri have registered a case against unknown persons and are currently investigating 16 bank accounts into which he transferred money.
Police have also highlighted a trend of cyber fraudsters exploiting social media platforms like X, Facebook and Instagram to lure unsuspecting investors.
A similar scam emerged after Anant Ambani’s pre-wedding function, where fraudsters used images from the event to direct people to fraudulent investment platforms.
Authorities have issued a warning to the public to always verify the authenticity of investment opportunities in person and not rely solely on online information.
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