A deceptive social media video that appeared to feature Union Finance Minister Nirmala Sitharaman has cost a Bengaluru woman her life’s savings. The 57-year-old homemaker from East Bengaluru lost ₹43.4 lakh after being persuaded by an artificial intelligence-generated deepfake that falsely claimed the minister was recommending an online trading platform promising high profits.
Investigators say the video, which circulated on Instagram in August, directed viewers to an external link where users were encouraged to sign up for investment opportunities. Believing the message to be authentic, the woman followed the link and entered her personal information, which was later used to contact her directly.
The next day, a man identifying himself as Aarav Gupta reached out to her through WhatsApp, claiming to represent the company shown in the video. He invited her to a large WhatsApp group titled “Aastha Trade 238”, which appeared to host over a hundred participants discussing stock trades. Another contact, who introduced herself as Meena Joshi, soon joined the conversation, offering to help the victim learn how to use the firm’s trading tools.
Acting on their guidance, the homemaker downloaded an application called ACSTRADE and created an account. Meena walked her through the steps of linking her bank details, assuring her that the platform was reliable. The first transfer of ₹5,000 was made soon after, and to her surprise, the app began displaying what looked like real profits.
Encouraged by what appeared to be rapid returns, she made larger investments. The application showed her initial ₹1 lakh growing into ₹2 lakh, and a later ₹5 lakh transfer seemingly yielding ₹8 lakh. The visual proof of profit strengthened her trust, and she kept transferring higher amounts.
In September, problems surfaced. While exploring an “IPO feature” on the app, she tried to exit but was unable to do so due to recurring technical errors. When she sought help, Meena advised her to continue investing to prevent losses. The woman followed this advice, transferring a total of ₹23 lakh in hopes of recovering her funds.
Once her savings were exhausted, the scammers proposed a loan option within the same app, claiming it would help her maintain her trading record. When she attempted to withdraw money, the platform denied the request, displaying a message stating her loan account was still active. Believing the issue could be resolved with more funds, she pawned her gold jewellery at a bank and a finance company, wiring additional money to the fraudsters.
By late October, her total transfers had reached ₹43.4 lakh across 13 separate transactions between September 24 and October 27. The deception came to light only when her bank froze her account on November 1, alerting her that unusual activity had been detected.
The East Cybercrime Police Station has since registered a case under the Information Technology Act and Section 318 of the Bharatiya Nyaya Sanhita, which addresses cheating. Officers confirmed that the fraudulent video used sophisticated AI tools to mimic the minister’s voice and gestures convincingly, making it difficult for untrained viewers to identify as fake.
Police officials have urged the public to remain alert to deepfake-driven scams that exploit public trust in well-known personalities. They advise verifying any financial offer through official government portals or trusted news sources, and to avoid clicking unfamiliar links on social media.
Experts warn that such crimes surface a new wave of cyber fraud, where manipulated media is used to build false credibility. Citizens are advised never to disclose personal or banking information through unverified links, and to immediately report suspicious investment schemes to their banks or local cybercrime authorities.
