TLDR: A 57-year-old homemaker from East Bengaluru was defrauded of ₹43.4 lakh after falling victim to an online trading scam promoted by a deepfake video of Union Finance Minister Nirmala Sitharaman. The victim, identified as Fareeda (name changed), was lured through Instagram, guided by fake agents via WhatsApp, and made multiple transactions to a fraudulent trading app before her bank flagged suspicious activity.
Bengaluru, November 8, 2025 – A sophisticated online trading scam, leveraging a deepfake video of Union Finance Minister Nirmala Sitharaman, has resulted in a 57-year-old East Bengaluru homemaker losing a staggering ₹43.4 lakh. The victim, whose identity has been withheld but referred to as Fareeda, was ensnared in a meticulously planned fraud that unfolded over several months.
The elaborate scheme began in August when Fareeda encountered a video on Instagram featuring a digitally altered likeness of Finance Minister Sitharaman. The deepfake video promoted a stock market trading company, promising substantial returns on investments. Believing the endorsement to be genuine, Fareeda clicked on an embedded link and provided her personal details.
Shortly after, around August 4, she received a WhatsApp message from an individual identifying himself as Aarav Gupta, claiming to be an executive from the purported trading firm. Fareeda was subsequently added to a WhatsApp group named ‘Aastha Trade 238,’ which reportedly had over 100 members. She was then introduced to ‘Meena Joshi,’ a supposed customer service agent who offered to train her in stock trading.
On September 18, Meena Joshi sent Fareeda a link to download an application called ‘ACSTRADE,’ assuring her of its security and legitimacy. Following instructions, Fareeda registered on the platform, linked her bank account, and made an initial transfer of ₹5,000. The app then displayed fabricated profits, encouraging her to invest further. She reportedly saw a ₹1 lakh investment yield ₹2 lakh, and a subsequent ₹5 lakh investment show ₹8 lakh in returns, reinforcing her belief in the scheme.
However, when Fareeda attempted to withdraw her accumulated profits, the app displayed errors. Meena Joshi allegedly informed her that withdrawals were blocked due to an ‘active loan’ on her account. Desperate to access her funds, Fareeda resorted to pledging her gold ornaments at a bank and a gold finance firm to arrange more money, which she then transferred to the fraudsters.
Between September 24 and October 27, Fareeda made a total of 13 transactions to various bank accounts controlled by the scammers. The fraud came to light on November 1 when her bank contacted her to inform her that her account had been frozen due to suspicious activity, revealing the true nature of the investment platform.
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Authorities have registered a case at the East cybercrime police station under relevant sections of the Information Technology Act and Section 318 (cheating) of the Bharatiya Nyaya Sanhita. A senior police officer has issued a stern warning to the public, urging extreme caution against deepfake videos and fraudulent investment schemes that often promise unrealistic returns.
