How Did Cyber Criminals Use Deepfakes To Steal ₹70,000 Crore?

The rise of artificial intelligence has brought countless innovations, but it has also fuelled a darker trend in India. Cyber criminals are exploiting deepfake technology to trick unsuspecting people into parting with their money, often by imitating the voices and appearances of famous personalities. Reports suggest that scams using this method have skyrocketed in the past three years, leading to massive financial losses. With over ₹70,000 crore already lost this year alone, the threat is growing into a national concern.

How Deepfake Scams Are Being Carried Out

Fraudsters are no longer relying on simple phishing emails or fake calls. Instead, they are creating highly convincing videos of well-known figures, from business leaders and government officials to spiritual icons. These fabricated videos endorse fake investment schemes, trading platforms, or charitable causes, exploiting the credibility of public figures who, in reality, have no involvement.

Once the video circulates online, potential victims are drawn into private conversations or directed towards websites and WhatsApp groups controlled by the criminals. There, the illusion of legitimacy is reinforced through coordinated messaging, fake testimonials, and staged success stories. Victims, trusting the apparent endorsement, often invest large sums before realising the deception.

Victims Losing Lakhs To Crores

Several recent cases underline the devastating impact of these scams. A Mumbai doctor reportedly lost over ₹7 lakh after trusting a fraudulent scheme advertised in the name of a prominent business tycoon. In another incident, a retired professional in Bengaluru was convinced by a fabricated video of a spiritual leader and transferred ₹3.75 crore into fraudulent accounts.

High-profile names, including political leaders, corporate heads, and philanthropists, are regularly used in these fake endorsements. The strategy works because many people assume that such personalities would not be associated with deceit, making the fraud difficult to detect until it is too late.

Sharp Rise In Cases And Poor Recovery

Data reveals a worrying 550 per cent increase in deepfake-related fraud cases over the last three years. Despite growing awareness, the chances of recovering stolen funds remain alarmingly low. Police reports suggest that only about 34 per cent of the defrauded money is ever retrieved. Quick reporting within 48 hours of the fraud improves recovery prospects, but most victims only discover the scam much later, by which time the money has vanished through multiple accounts.

In one significant case, even after losing over ₹7 crore to a scam, only a portion of the money—around ₹5.25 crore—could be traced back. These figures highlight both the sophistication of the fraudsters and the challenges authorities face in combating them.

AI Making Scams Harder To Detect

Artificial intelligence tools have made the situation even more complex. With realistic voice cloning and video editing, it has become increasingly difficult to distinguish between real and fake content. Surveys show that nearly 70 per cent of people struggle to identify AI-generated voices, while manipulated videos appear authentic enough to mislead even the cautious.

This technological advancement has lowered the barrier for criminals, allowing them to create convincing scams with minimal investment. For everyday citizens, however, it has become a constant battle to discern truth from deception.

Public Awareness Key To Prevention

Experts argue that the most effective defence against deepfake fraud lies in awareness. Citizens must be cautious of investment opportunities that appear too good to be true, especially those seemingly endorsed by famous individuals online. Cross-checking information from trusted official sources, avoiding unverified links, and reporting suspicious content immediately can make a crucial difference.

Authorities are urging people not to act impulsively when approached through social media or messaging platforms. With AI-driven scams on the rise, vigilance has become essential for financial safety in the digital age.

The alarming rise of deepfake scams in India underscores the double-edged nature of technology. While artificial intelligence offers tremendous benefits, its misuse by cyber criminals poses serious risks to individuals and the economy. With fraud losses climbing into tens of thousands of crores, and recovery rates remaining discouragingly low, the responsibility of staying alert falls heavily on citizens. Timely awareness and scepticism can be the most effective shields against such sophisticated frauds.