- By Deeksha Gour
- Sun, 09 Nov 2025 04:07 PM (IST)
- Source:JND
Bengaluru News: A 57-year-old homemaker from East Bengaluru lost Rs 43.4 lakh after falling prey to an online trading scam that used a deepfake video of Union Finance Minister Nirmala Sitharaman to promote a fake investment platform.
According to police, the woman came across the manipulated video on Instagram in August. The clip appeared to show Sitharaman encouraging people to invest in a stock trading company, assuring high profits. Trusting the video to be real, the woman clicked on the attached link and filled in her personal details, unaware it was part of a fraudulent scheme.
ALSO READ: 'Govt Has Recognised Us': RSS Chief Clarifies Controversy On Sangh's Registration Status
The next day, she received a WhatsApp message from a man who identified himself as Aarav Gupta, claiming to be an executive of the company. He added her to a WhatsApp group named “Aastha Trade 238,” which had over 100 members. Aarav later connected her with another person named Meena Joshi, who posed as a customer service representative and offered to guide her through the trading process.
In September, Meena sent her a link to download an app called “ACSTRADE” and helped her register. She was told the platform was genuine and secure. Following Meena’s instructions, the woman linked her bank account and made her first transfer of ₹5,000. The app showed apparent profits, encouraging her to invest more.
Her early investments seemed successful Rs 1 lakh appeared to double and Rs 5 lakh supposedly returned Rs 8 lakh. However, when she tried to exit an Initial Public Offering (IPO) feature on the app, she faced technical problems. Meena advised her to continue investing larger sums, eventually convincing her to transfer Rs 23 lakh in total.
When her personal savings ran out, the fraudsters suggested taking a loan through the app. The woman even pledged her gold ornaments to raise more money, which she transferred to the fake company.
The scam came to light on November 1, when her bank alerted her that her account had been frozen due to suspicious activity. Between September 24 and October 27, she had made 13 transfers to different accounts.
Police have registered a case at the East Cybercrime Police Station under relevant sections of the Information Technology Act and the Bharatiya Nyaya Sanhita. Officials have urged citizens to be alert against deepfake videos and fraudulent investment offers.