Scamsters are devising new ways to trap retail investors in fake schemes. In an attempt to look credible, they are going to the extent of using AI-generated videos of Union ministers promoting non-existent investment schemes that assure guaranteed returns.
A similar case was busted by the fact-check unit of the government’s Press Information Bureau (PIB) on Thursday.
The agency posted on X (formerly Twitter) a video of Union Finance Minister Nirmala Sitharaman, who can be seen endorsing an investment platform that guarantees returns of up to Rs 30 lakh from an investment of just Rs 21,000.
The agency revealed that the video was AI-generated and that the minister was not endorsing any investment platform.
In the video, the Finance Minister is heard saying, “Namaste. If you are watching this video, it means you are one of the lucky few who will gain access. This project gives you the opportunity to turn your Rs 21,000 into a stable income source, allowing you to earn from Rs 20 lakh to Rs 30 lakh a month.”
“By the end of the day, you will have your first Rs 1 lakh. I personally guarantee this. First of all, you don’t need to do anything. Rs 21,000 is simply the deposit you make into your trading account. This money stays under your control and you can withdraw it at any time. The project is approved by the Ministry of Finance of India, in partnership with the State Bank of India,” the video shows Sitharaman as saying.
However, PIB Fact Check revealed that the minister had not promoted any such platform and warned users against falling prey to such sophisticated scams.
“Beware of online investment scams. A link circulating on #WhatsApp directs users to a video falsely portraying Union Finance Minister Nirmala Sitharaman endorsing an investment platform. The video claims that an investment of Rs 21,000 can generate returns of up to Rs 30 lakh,” PIB said in the post.
It said that the video was fake and created using artificial intelligence. “Neither the Finance Minister nor the Government of India has endorsed, authorised, or promoted any such investment scheme or platform,” it added.
The PIB warned that fraudsters often use fabricated videos and false promises of unusually high returns to deceive people online.
It asked people to always verify such claims through official government sources before investing or sharing personal and financial information.
