A Mumbai-based doctor has been swindled out of Rs 7 lakh by fraudsters who used a deepfake video of industrialist Mukesh Ambani to endorse a bogus share trading academy. The victim, Dr KH Patil, a 54-year-old Ayurveda practitioner residing in Andheri, fell prey to the scam after seeing the video on Instagram in April.

According to the police, the doctor fell victim after she was lured in by an Instagram reel featuring a deepfake video of industrialist Mukesh Ambani endorsing a company called 'Rajiv Sharma Trade Group' and its BCF Investment Academy, promising high returns. 

However, the doctor invested her money when she researched the company online and noticed that it had offices in BKC and London. Convinced by the deep fake video of Ambani, she made an investment and lost the amount accordingly. 

the incident took place between May 28 and June 10 she transferred a total of Rs 7.1 lakh to 16 different bank accounts after being encouraged by the deep fake video. However, when attempting to withdraw the sum of Rs 30 lakh, which was displayed on the trading platform as the profit she had gained from her initial investment, she became aware that she was defrauded. 

Following this, she approached the Oshiwara police on Wednesday and filed an FIR against an unidentified person under the IPC sections for impersonation and cheating and under the IT Act section for identity theft

Police said, "The scammers had used deepfake technology to create the video. We are in touch with nodal officers of banks to block the money that she was made to transfer."

This incident marks the second time a deep fake video of Ambani has been circulated on social media. Earlier in March, a similar video showed Ambani encouraging viewers to follow his "student Veenit" on social media for free investment advice.