Retired BSP Employee Scammed Out of 45.19 Lakh in Fake Trading Scam

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A 61-year-old former Bhilai Steel Plant employee suffered a financial loss of ₹45,18,998 after falling victim to a sophisticated investment fraud that leveraged the identities of prominent public figures to establish credibility.

Fraud Scheme Involving High-Profile Figures

The scheme involved the unauthorized use of images and names of Finance Minister Nirmala Sitharaman, cricketer Sachin Tendulkar, and philanthropist Sudha Murty to promote a deceptive trading platform. Law enforcement in Bhilai has detained a 24-year-old suspect, Vishal Nagle, from Betul, Madhya Pradesh, in connection with the case, though the broader network remains under investigation.

Victim’s Background and Initial Contact

The victim, Jayant Bagchi, a retired plant worker with a prior military service background, was initially approached through an investment advertisement featuring high-profile individuals. The fraudulent platform presented itself as a legitimate global trading operation, with claims of partnerships spanning the UK, the US, Japan, and Australia.

Incremental Financial Commitments

A series of orchestrated interactions with multiple individuals, including a self-proclaimed account manager named Siddharth Vipul, guided Bagchi through incremental financial commitments. Initial deposits of ₹1 lakh and ₹5 lakh were followed by a larger transfer of ₹25 lakh, framed as an opportunity tied to anticipated fluctuations in gold prices amid geopolitical tensions.

Fabricated Profit Statements and Withdrawal Barriers

As the scheme progressed, the platform displayed fabricated profit statements, including a purported balance of $271,275.68, to reinforce its legitimacy. When Bagchi attempted to withdraw funds, the operators introduced a series of barriers, including a 15% tax on the claimed profit, equivalent to over ₹34 lakh. After negotiations, the tax was reduced to ₹12 lakh, contingent on a final RTGS transfer.

Triggering Suspicion and Reporting

The instruction to route the payment to an account in Arunachal Pradesh triggered the victim’s suspicion, leading him to report the incident to the national cybercrime helpline and notify his bank.

Rising Trend of AI-Generated Deepfake Scams

The case highlights a growing trend of fraudsters exploiting AI-generated deepfake technology to impersonate public figures. Recent incidents include a deepfake video of Sudha Murty promoting a high-return investment scheme, which she publicly denounced as a manipulation of AI and deceptive tactics. Similarly, Sachin Tendulkar has repeatedly addressed fabricated videos falsely associating him with gaming and financial applications.

Standardized Approach Across Cases

The repeated use of trusted figures across unrelated fraud cases suggests a standardized approach rather than isolated incidents. A separate case in Bengaluru involved a chartered accountant losing ₹23.20 lakh after encountering deepfake videos featuring Mukesh Ambani, Narayana Murthy, and Sudha Murty, underscoring the widespread adoption of this method.

Ongoing Investigations and Cybercrime Challenges

Despite the arrest of a key suspect, investigators continue to trace the financial flows and identify additional participants in the scheme. The incident underscores the evolving sophistication of cybercriminal networks and the critical need for heightened awareness against impersonation-based fraud.

“This is a manipulation of AI and deceptive tactics,” said Sudha Murty, after a deepfake video falsely associated her with an investment scheme.