Indian deepfake scam scams two Bengaluru residents out of $31,000

2 residents of the Indian city of Bangalore lost $31,000 due to a fraudulent scheme using deepfakes. Fraudsters used images of famous businessmen to convince victims to invest in fake stock trading platforms.

Through a fake video featuring Infosys co-founder Narayana Murthy and Reliance Industries chairman Mukesh Ambani promoting the fake FX Road platform, victims invested thousands of rupees with promises of high returns. Then one of the victims noticed that he was dealing with fraudsters and contacted the police.

In view of the growing threat, the Indian courts have asked the government to consider strengthening the fight against such counterfeits.