A woman in Kozhikode was defrauded of Rs 49.2 lakh in an online trading scam, highlighting the growing threat of AI-generated deepfake videos featuring public figures like Union Finance Minister Nirmala Sitharaman used to lure unsuspecting investors.
A 45-year-old woman from Kozhikode lost Rs 49.2 lakh in an online trading fraud after being lured by a fake video.
The video purportedly featured Union Finance Minister Nirmala Sitharaman promoting high returns from online trading.
The victim transferred Rs 49.2 lakh between July 15 and September 22 this year to various bank accounts provided by the fraudsters.
Kozhikode Rural Cyber Crime Police registered a case on Wednesday and are tracking the fraudulent bank accounts.
Police have issued advisories warning people against AI-generated videos of union ministers promoting investment schemes on social media.
A 45-year-old woman allegedly lost Rs 49.2 lakh in an online trading fraud after being lured by a fake video featuring Union Finance Minister Nirmala Sitharaman here, police said on Thursday.
How The Online Trading Fraud Unfolded
The Kozhikode Rural Cyber Crime Police registered a case on Wednesday following a complaint filed by the woman, a resident of Maikkavu in Thamarassery.
According to the police, the complainant came across a fake video featuring Sitharaman on , in which she purportedly claimed that online trading could generate high returns.
Believing the claims, the woman clicked on a link accompanying the video and began investing in online trading as instructed by the fraudsters, police said.
Between July 15 and September 22 this year, she transferred a total of Rs 49.2 lakh from her accounts with the State Bank of India and Puthuppadi Service Cooperative Bank to various bank accounts provided by the accused, police said.
However, the accused neither returned her investment nor paid the promised profits, following which she approached the police.
The cyber crime police registered a case under various sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.
Police said they were tracking the bank accounts to which the money had been transferred and that efforts were under way to freeze them.
They said AI-generated videos featuring union ministers purportedly promoting investment schemes had been circulating on social media platforms, and that advisories had been issued repeatedly warning people against falling prey to such cyber frauds.
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