Mumbai authorities have uncovered a shocking cyber fraud case in which a retired man was defrauded of Rs 1.47 crore through a fake share trading scheme. The scammers used a social media advertisement featuring Finance Minister Nirmala Sitharaman’s photograph to lend credibility to the scheme, luring the victim into investing.
The victim saw the ad on Facebook, which promised a "guaranteed return" of up to Rs 60,000 on an investment of just Rs 21,000. Enticed by the advertisement, he shared his personal details online. Soon after, he received a WhatsApp call from a woman named "Meenakshi," who claimed to be a representative of UPSTOX Securities and guided him through the investment process.
Fake companies and multiple investments
Meenakshi and her accomplices persuaded the victim to invest in several fake schemes, including "SBI Wealth Mindset," "Savexa," and a bogus IPO named "Rubicon Research Ltd." Over multiple transactions, the victim transferred a total of Rs 1.47 crore to the scammers.
Fraudulent trading dashboard shows fake profits
The cybercriminals created a virtual trading platform that falsely showed the victim’s investment growing to Rs 6.02 crore. When he attempted to withdraw profits, the scammers demanded an additional Rs 90 lakh as a guarantee fee," which made the victim realise he had been defrauded.
Cyber police register case
The victim promptly filed a complaint at Mumbai’s Central Cyber Police Station. Preliminary investigations revealed that the scammers had operated a sophisticated cyber fraud syndicate, using fake companies, cloned websites, and the Finance Minister’s image to deceive investors. Police are continuing their probe and are actively searching for the perpetrators.
Earlier, Sitharaman warned about the rising threat of deepfake videos and AI-driven fraud targeting citizens and investors. Speaking at the 6th Global FinTech Fest 2025 in Mumbai, she said criminals are increasingly using AI to clone identities, mimic voices, and create lifelike videos to manipulate people. To address these risks, SEBI and NPCI have introduced dedicated UPI handles for registered investor-facing intermediaries, while SEBI’s “SEBI Check” enables investors to verify UPI IDs and bank details before making payments, ensuring secure and verified transactions.
Sitharaman also emphasised India’s potential as a global AI and FinTech hub, citing initiatives such as Aadhaar, UPI, DigiLocker, and the $1.3 billion IndiaAI Mission. She noted that India contributes 16% of global AI talent and ranks second in public Gen-AI GitHub contributions, with AI-enabled Global Capability Centers expected to generate 30–35% of India’s AI services market revenue by 2028. She stressed that responsible regulation is a “seatbelt for safe acceleration,” enabling fintech innovation while protecting investors and promoting safe growth
