These deepfake videos promoted trading platforms and promised high returns, leading the victims to invest large sums of money. One victim lost ₹67 lakh, while another lost ₹19 lakh.
First Victim:
A woman from Banashankari came across a video on social media promoting a trading platform with high returns. She clicked on a suspicious link, shared her details, and was contacted by someone claiming to be an agent. Initially, she invested ₹1.4 lakh and received ₹8,000 in returns. Encouraged by this, she invested ₹6.7 lakh but didn't receive any returns. She also lost ₹67 lakh to another platform promising work-from-home opportunities.
Second Victim:
A retired employee saw a similar video on Facebook promoting a trading platform. He transferred ₹19 lakh to two different bank accounts provided by the fraudsters but didn't receive any response after the transfer.
Both victims didn't verify the authenticity of the videos and ended up clicking on links that led to fake websites created by fraudsters. Separate cases have been registered at the CEN (Cyber Economic and Narcotics) South police station, and investigations are ongoing to track down the culprits.
Deepfake technology played a crucial role in this scam by creating highly realistic videos of Narayana Murthy and Mukesh Ambani. These videos were used to promote fraudulent trading platforms, convincing victims that the endorsements were genuine. The deepfakes were so convincing that the victims didn't question their authenticity and ended up investing large sums of money.
It's a stark reminder to always verify the authenticity of online content, especially when it involves financial investments.
It must be recalled that last year, Narayana Murthy had alerted people that many trading platforms are using his identity for promotions and said that he does not endorse any of them.
In an X post, Murthy said, “In recent months, there have been several fake news items propagated via social media apps and on various web pages available on the Internet claiming that I have endorsed or invested in automated trading applications named BTC AI Evex, British Bitcoin Profit, Bit Lyte Sync, Immediate Momentum, Capitalix Ventures etc. The news items appear on fraudulent websites that masquerade as popular newspaper websites and some of them even publish fake interviews using deepfake pictures and videos. I categorically deny any endorsement, relation or association with these applications or websites.”
In response to the deepfake scam, the Bengaluru police have taken several actions. Separate cases have been registered at the CEN (Cyber Economic and Narcotics) South police station. The police are actively investigating to track down the culprits behind the scam.
Public Awareness: Authorities have urged the public to be cautious of deepfake videos and to verify the authenticity of any suspicious content before taking any action. They have also advised people to report any such incidents to the police immediately.
Helpline: The Bengaluru City Police have launched a helpline (1930) for victims of deepfake scams to register complaints and seek assistance.
It's crucial to stay vigilant and report any suspicious activity to the authorities to help prevent such scams in the future. If you or someone you know has been affected, don't hesitate to reach out to the police for help.
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