Pune woman duped of Rs 4.09 lakh in cyber fraud using Ratan Tata's deepfake video

A 38-year-old woman from Pune was allegedly duped of Rs 4.09 lakh in an online investment fraud after cybercriminals used a deepfake video of late industrialist Ratan Tata to lure her with promises of high returns from stock market investments, police said.

The woman, a resident of the Ambegaon area and employed as a nurse at a Pune hospital, came across the purported video of Tata on Instagram in October 2024. The digitally manipulated video appeared to show the industrialist promoting investments in the share market.

According to police, the video directed interested users towards an online investment platform. Believing the endorsement to be genuine, the woman followed the instructions and was subsequently contacted by people claiming to be associated with the investment scheme.

Victim transferred money hoping for high returns

The fraudsters allegedly convinced the woman that she could earn substantial profits by investing in the stock market through their platform. Trusting their claims, she transferred money online to bank accounts provided by them.

Over the course of the transactions, the woman transferred a total of Rs 4.09 lakh. However, despite making the payments, she did not receive the promised returns.

After realising that she had been cheated, the woman approached the police. Bharati Vidyapeeth police subsequently registered an FIR and launched an investigation into the transactions and the people behind the fraudulent investment operation.

Police are examining the digital trail and bank accounts through which the money was transferred as part of efforts to identify the accused.

Deepfake scams pose growing cybercrime threat

The case has once again highlighted the growing use of artificial intelligence-generated deepfake videos by cybercriminals to impersonate prominent public figures and lend credibility to fraudulent investment schemes.

By manipulating video and audio, fraudsters can create seemingly convincing endorsements featuring well-known personalities, making it difficult for unsuspecting social media users to immediately distinguish fabricated content from genuine videos.

The Pune case is not the first reported instance in which deepfake content involving a prominent Indian personality has allegedly been used for investment fraud. Similar scams involving manipulated videos of public figures have surfaced as cybercriminals increasingly use AI tools to target potential victims.

The incident also underlines the risks of acting on investment advice encountered through social media advertisements or videos without independently verifying the platform and the purported endorsement.

Police are continuing their investigation into the Rs 4.09 lakh fraud and attempting to trace those responsible for creating and circulating the fake investment material and receiving the victim’s money.