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Mumbai: Investor falls for deepfake videos of business honchos
Updated On: 22 June, 2024 07:20 AM IST | Mumbai | Faizan Khan
Doctor loses lakhs after trusting fake Instagram reel featuring top industrialist endorsing trading firm
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While scrolling through Instagram reels, the doctor came across a trading firm that advised investment in the stock market. Representation pic
Cyber crooks are now using deepfake videos of top industrialists to dupe people in cyber frauds. A 54-year-old Ayurvedic doctor has filed a complaint claiming she saw an Instagram reel about stock market trading in which one of India’s top industrialists was praising a trading firm. Based on the industrialist`s recommendations, she started investing through the trading app and ended up losing more than Rs 7 lakh before realising that the videos were fake, created by using an AI app that generates deepfake videos.
According to the FIR registered with the Oshiwara police, the doctor claimed that while scrolling through Instagram reels, she came across a trading firm that advised investment in the stock market for substantial returns. She stated that in one of the videos, a man identifying himself as Rajive Sharma was praised by one of India’s top industrialists for providing genuine trading advice, which purportedly helped the industrialist select particular stocks. The industrialist also advised others to join Sharma`s firm for trading. “While watching the video, I clicked on the link and was added to a WhatsApp group called `BCF Investment Academy,` which had several members. A woman named Jenny was giving investment and trading advice, and people were very excited,” the doctor said in her statement.
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