A Mumbai-based doctor was duped of ₹7 lakh by fraudsters who employed a deepfake video of India's richest person, Mukesh Ambani, to promote a fictitious share trading academy.

What Happened: The victim, Dr. KH Patil, was lured into the scam after viewing the deepfake video on Instagram in April, reported India Today.

The video featured Ambani endorsing the success of a trading academy called Rajiv Sharma Trade Group and encouraging people to join BCF Academy for high investment returns.

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Convinced of the academy’s authenticity, Dr. Patil invested a total of ₹7.1 lakh between May and June. Her account showed a profit of over ₹30 lakh.

However, her attempts to withdraw the profits in June failed, leading her to realize she had been scammed.

The Oshiwara Police in Andheri have registered a case against unidentified individuals and are investigating 16 bank accounts to which Dr. Patil transferred money.

Why It Matters: This incident highlights the growing threat of deepfake technology in online scams.

Deepfakes have been a concern in India, with reports suggesting that most Indians have come across deepfake content online and worry about cyberbullying.

This is not the first time that deepfake videos have caused concern in India. Earlier, deepfake videos of actor Alia Bhatt went viral, sparking concerns over the misuse of artificial intelligence.

Authorities have warned the public to be cautious and verify the authenticity of investment opportunities in person, as cyber fraudsters are increasingly using deepfake videos of well-known personalities to deceive people.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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