Deepfake scam: Veteran investor reveals how he became a target

Madhusudan Kela, a veteran investor and founder of MK Ventures, has sounded the alarm over the surge of deepfake videos inundating social media platforms. Kela, a highly regarded figure within the financial community, has emerged as a vocal critic of this deceptive trend. Taking to X, he has strongly refuted a fraudulent video falsely attributing unrealistic investment promises to him.

Addressing the issue head-on, Kela clarified that the video in question was generated using AI (artificial intelligence) and did not originate from him. He promptly notified relevant authorities such as SEBI and stock exchanges about the deceptive content, and urged the public to refrain from sharing it further.

“This is to inform that a fake video which appears to be AI generated is being circulated on various social media sites, claiming false information and promising investment returns," Kela said in his post on X. “I have not made any such claims or promises, and I do not support these communications.”

Kela explained the importance of being vigilant and urged individuals not to base investment decisions on such misleading content. He also announced his intention to pursue legal action against the creators of the fake video.

The post by Kela sheds light on the growing menace of deepfake technology, which has been increasingly utilised to disseminate false information and perpetrate scams. In February, concerns were raised about a deepfake video featuring Reliance Industries chairman Mukesh Ambani allegedly endorsing a stock-market forum.

Similarly, prominent figures like Infosys founder Narayana Murthy and former Tata Sons chairman Ratan Tata have also fallen victim to deepfake scams. Murthy condemned the misuse of his image and likeness in fake social media videos promoting dubious trading apps, while Tata raised awareness about a deepfake video falsely attributed to him on Instagram.

A senior cybercrime officer of the Mumbai Police observed that the increasing frequency of deepfake scams is a stark reminder of the importance of heightened awareness and vigilance within the public domain.

“At a time marked by rapid technological advancements, it is imperative for individuals to exercise caution and verify the authenticity of information before making any decisions based on it. Swift action, including reporting suspicious content to regulatory bodies, is essential in the ongoing battle against these fraudulent activities, safeguarding against potential financial exploitation,” the official said.