Fake Nirmala Sitharaman Video Promises Trading Gains, Woman Loses Rs 49.2 Lakh

Online trading scams often use promises of high returns to lure people into transferring money to accounts controlled by fraudsters. Fake investment promotions featuring public figures can also be used to make such schemes appear credible. In one such case, a 45-year-old woman from Kozhikode, Keralam, allegedly lost Rs 49.20 lakh after being lured by a fake Facebook video featuring Union Minister of Finance Nirmala Sitharaman.

How The Fake Trading Pitch Led To A Rs 49.20 Lakh Loss

According to a PTI report, the woman, a resident of Maikkavu in Thamarassery came across a video on Facebook in which Sitharaman purportedly claimed that online trading could generate high returns. An investment link accompanied the video, which she clicked before following the instructions provided by the fraudsters.

Between July 15 and September 22, 2026, she transferred a total of Rs 49.20 lakh from her accounts with the State Bank of India and Puthuppadi Service Cooperative Bank to multiple bank accounts shared by the accused, the report said.

The accused allegedly neither returned her investment nor paid the promised profits. She subsequently approached the Kozhikode Rural Cyber Crime Police, who registered a case on Wednesday under various provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act, 2000.

Police Track Bank Accounts, Warn Against Fake Investment Videos

According to the report, police are tracking the bank accounts that received the money, and efforts are under way to freeze them.

Police also said that artificial intelligence (AI)-generated videos featuring Union ministers and purportedly promoting investment schemes had been circulating on social media platforms. They added that advisories had been issued repeatedly to caution people against falling for such cyber frauds.

How To Protect Yourself From Online Trading Scams

Before investing, check whether the trading platform or intermediary is registered with the Securities and Exchange Board of India (Sebi). Do not rely on videos featuring ministers or other public figures as proof of an investment scheme’s legitimacy. Verify investment claims through official sources, avoid unfamiliar links, and do not transfer money to accounts shared by unknown individuals. Be cautious of scams promising unusually high or assured returns.