Bengaluru, July 20 -- A 66-year- old Bengaluru resident was allegedly cheated of Rs 6.88 lakh after fraudsters used a deepfake video of Union Finance Minister Nirmala Sitharaman to promote a fake investment scheme on social media.

According to police, the victim, a resident of Narayanapura, came across a Facebook video claiming that the Central government and the State Bank of India had jointly launched a lucrative investment scheme. The video, created using deepfake technology, falsely showed Sitharaman encouraging people to invest by promising high returns within a short period.

Believing the video to be genuine, the victim clicked on the link provided and entered his KYC details and other personal information. He was subsequently con...