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NOPE
Medium reported severity Criminal Charges

Mumbai police say ad agency staff let fraudsters run deepfake videos of a stock market analyst as investment ads; four arrested

Mumbai's West Region cyber police arrested four employees of Valueleaf, a Bengaluru-based digital advertising company, in October 2025, saying they had given Chinese fraudsters access to the company's Meta advertising IDs, which were used to run Facebook and Instagram ads with deepfake videos of stock market analysts and business news anchors. The case began with a complaint from a SEBI-registered research analyst who appears on television and found deepfake videos of himself in the ads; according to the complaint, the videos were created from his appearances on business news channels. Police say viewers who clicked were added to WhatsApp groups offering share tips, invested through fake trading apps, were shown large profits and could not withdraw their money; the deputy commissioner said several people were cheated and several cases registered. A police official said Meta had flagged the videos as deepfakes. Lokmat Times reports that the videos circulated from 1 to 18 July 2025 before Meta removed them. Police say the company received about Rs 3 crore. The four were booked for offences including cheating by personation and forgery and remanded in police custody; they reportedly said they did not know their services were being used for fraud. The analyst is not named in the sources, and how the videos were made is not described.

AI system
Unidentified video tool
Occurred
1 Jul 2025 to 18 Jul 2025
Reported
18 October 2025
Event location
India
What the AI did
Depicted or impersonated the person
Reported harm
Financial LossReputational Harm
Whose AI use
Someone else’s AI use
Setting
Finance
Evidence
AI involvement reported · Causal attribution alleged · 5 sources, 1 underlying account
7 claims: 7 reported. 4 open questions
People reported harmed
At least 1 person

AI system as recorded: Unidentified tool used to make deepfake videos of Indian stock market analysts and business news anchors for investment-fraud adverts, as described by Mumbai police

What Happened

The complaint. Police say a SEBI-registered research analyst who appears on television channels complained on 29 September 2025 that deepfake videos of him were circulating on social media. He told police that people in the videos were asked to invest in shares and that a link below the video led to a WhatsApp group where they were told they could get tips from him. According to the complaint as reported by the Times of India, the videos were created from his appearances on business news channels.

The investigation. Police say they traced the posts to Valueleaf, a Bengaluru-based digital advertising company. Senior inspector Suvarna Shinde said Valueleaf had provided its Meta advertisement ID to Chinese fraudsters although it knew the ID was being used to upload deepfake videos. A police official said Meta displayed a yellow flag next to the videos indicating they were deepfakes. Lokmat Times reports that after Meta flagged the content the number of advertising accounts was increased from 18 to 38, and that the videos circulated from 1 to 18 July 2025 before Meta took them down. Investigators told Lokmat Times this could be the first case in India in which deepfake technology was used to commit investment fraud.

The fraud described by police. Police say people who clicked on the ads were added to WhatsApp groups and induced to invest through fake trading app links, shown large profits and then unable to withdraw. Deputy commissioner Purshottam Karad said several people were cheated through the promoted ads and several cases were registered. Police say the company received about Rs 3 crore in Indian and Dubai currency.

Charges and denials. Four employees were arrested and remanded in police custody. They were booked for offences including cheating, cheating by personation and forgery. A police official said those arrested claimed they did not know their services were used to upload fraudulent videos.

Limits. Police do not describe how the videos were made or disclose a technical basis for calling them deepfakes; the Times of India quotes police describing them as morphed videos. The analyst and the investors who lost money are not named, and the number of victims and the amounts lost are not reported. The arrested employees are not named here because they are private individuals facing allegations.

Reported harm

Police say deepfake videos of a stock market analyst ran as investment ads that drew viewers into fake share-trading schemes in which several people were cheated; the analyst complained to police (reported).

Outcome

Pending

Police registered a case under the Bharatiya Nyaya Sanhita (including cheating by personation and forgery) and the Information Technology Act, arrested four Valueleaf employees in October 2025 and obtained police custody remand. Police said they were investigating how many investors were defrauded and whether other Indian advertising agencies were used. No later court outcome was found.

What remains unknown

  • How the videos were made and which tool was used; police disclose no technical basis.
  • How many investors were cheated and how much they lost.
  • Whether the circulation window was July 2025 (Lokmat Times) or continued after the 29 September complaint; the Times of India wording ("since Sept 29") conflicts.
  • The outcome of the prosecution.

What the evidence supports

AI involvement: reported. Investigating Mumbai police officers describe the adverts as deepfake videos of the analyst and others, a police official says Meta flagged them as deepfakes, and investigators call the case a use of deepfake technology for investment fraud; the complaint says the videos were created from the analyst's television appearances. The fabricated likeness of the analyst is what drew viewers into the fraudulent WhatsApp groups. Police disclose no technical basis, the tool is not identified and one report quotes police calling the videos morphed.

7 claims: 7 reported. What the statuses mean

Reported Mumbai police arrested four employees of a Bengaluru digital advertising company, Valueleaf, saying they gave Chinese fraudsters access to the company's Meta advertising IDs, which were used to run Facebook and Instagram ads containing deepfake videos of investment analysts and business news anchors.

Causal attribution. Police account relayed by several outlets from the same briefing; allegations, not findings of a court.

  • indianexpress.com(opens in new tab) supports · English
    'According to the police, the scamsters zero in on unsuspecting victims who click on these ads with deepfakes of popular investment analysts and business news anchors.'; 'the Mumbai police have found that the scamsters are using Indian digital advertising agencies to place fake investment ads containing deepfake videos on Facebook and Instagram to snare victims.'; 'Suvarna Shinde, senior inspector of west region cyber police, said Valueleaf had provided their Meta advertisement ID — unique ID given to a company — to the Chinese fraudsters even though they were aware it was being used to upload deepfake videos on social media platforms.'
  • timesofindia.indiatimes.com(opens in new tab) supports · English
    'arrested four senior employees of a digital advertising company for allegedly providing access to Facebook advertising accounts to Chinese cybercriminals.'
  • bestmediainfo.com(opens in new tab) supports · English
    'Four senior staffers of digital marketing company Valueleaf were arrested for allegedly providing Facebook advertising ID access to Chinese fraudsters to post deepfake videos of a famous share market expert on social media platforms with the aim of duping investors, a police official said on Saturday.'
Reported The case began with a complaint by a SEBI-registered research analyst who appears on television, who told police that deepfake videos of him were circulating on social media and that viewers were directed to a WhatsApp group promising share tips from him; according to the complaint, the videos were created from his appearances on business news channels.

Causal attribution. The depicted analyst's complaint as relayed by police and outlets.

  • hindustantimes.com(opens in new tab) supports · English
    'The police said they received a complaint on September 29 from a well known Securities and Exchange Board of India (SEBI) research analyst, who also appears on TV channels.'; '“In these videos people were asked to invest in various shares,” he told the police, adding that the link below the video directed them to a WhatsApp group where they were told they could get tips from him and make good money.'
  • indianexpress.com(opens in new tab) supports · English
    'The fraud came to light last month when a SEBI-registered research analyst and stock market expert approached the Mumbai police alleging that his video had been used as a deepfake to promote some companies.'
  • timesofindia.indiatimes.com(opens in new tab) supports · English
    'According to the complaint, since Sept 29, cyber fraudsters used AI-generated deepfake videos of the analyst, created from his appearances on business news channels, to promote bogus investment schemes in the name of reputed companies.'
Reported A police official said Meta displayed a yellow flag next to the videos indicating they were deepfakes, and investigators told Lokmat Times this could be the first case in India in which deepfake technology was used to commit investment fraud.

Causal attribution. Investigating police attribute the videos to deepfake technology; no technical basis is disclosed and the Meta flag itself was not inspected.

  • indianexpress.com(opens in new tab) supports · English
    '“Also, once the deepfake videos were put up using their ad ID, it was clear that it was used to defraud people and they still took no action. Meta platform also displayed a yellow flag next to these videos clearly indicating they were deepfakes.'
  • lokmattimes.com(opens in new tab) supports · English
    'According to investigators, this could be the first case in India where deepfake technology has been used to commit investment fraud.'
Reported Police say people who clicked on the ads were added to WhatsApp groups, invested through fake trading app links, were shown large profits and could not withdraw; the deputy commissioner said several people were cheated through the promoted ads and several cases were registered.

Causal attribution. Police description of the fraud; individual victims and losses are not described.

  • hindustantimes.com(opens in new tab) supports · English
    'The police said that the people would invest in shares via the fake application links provided by the accused and they would be shown huge profits. However, they would be unable to withdraw their money.'; '“Due to the promoted advertisements on social media several people get cheated and several cases are registered. People fall for such scams because they think experts are guiding them,” said deputy commissioner of police (DCP) Purshottam Karad.'
  • indianexpress.com(opens in new tab) supports · English
    'The victims are then added to WhatsApp groups and duped in online share trading scams.'
Reported Lokmat Times reports that the videos circulated from 1 to 18 July 2025 before Meta took them down, and that after Meta flagged the content the number of advertising accounts was increased from 18 to 38.

Causal attribution. One outlet's account of investigators' findings; other outlets give only the September complaint date.

  • lokmattimes.com(opens in new tab) supports · English
    'The fraudulent videos were circulated between July 1 and July 18, after which Meta took them down.'; 'When Meta (Facebook) flagged the content for spreading misinformation, the accused increased the number of advertising accounts from 18 to 38 and changed their registered domain location to Dubai to escape detection.'
Reported Police say the company received about Rs 3 crore; the four were booked for offences including cheating by personation and forgery and remanded in police custody.

Causal attribution. Police statements on charges and payments; charges are allegations.

  • indianexpress.com(opens in new tab) supports · English
    'The company earned Rs 3 crore from the Chinese masterminds in Indian and Dubai currency, police said.'; 'The accused were produced before court and remanded in police custody till Monday.'
  • hindustantimes.com(opens in new tab) supports · English
    'The police have booked the accused under sections 318 (cheating), 319 (cheating by personation), 336 (forgery) and 356 (criminal defamation) of the Bharatiya Nyaya Sanhita.'
Reported A police official said those arrested claimed they were not aware their services were used to upload fraudulent videos.

Causal attribution. The accused's position as relayed by a police official.

  • indianexpress.com(opens in new tab) supports · English
    'An official said while those arrested claimed they were not aware that their services were used to upload fraudulent videos'

Sources

5 sources inspected, from 1 underlying account. Sources that repeat one account do not corroborate each other.

How the sources were read, and where the events happened

Article page returns 403 to this host; read in full from the Internet Archive capture (web.archive.org/web/2025id_/) on 2026-10-31. English; no translation. Applies to s1.

English article read in full on 2026-10-31; no translation. Applies to s2, s3.

English article read in full on 2026-10-31; page metadata dates it 15 December 2025 although it reports the October arrests; no translation. Applies to s4.

PTI-based report; page returns 403 to this host, read from the Internet Archive capture on 2026-10-31. English; no translation. Applies to s5.

Event countries: India. Affected-person countries: India. Court countries: Unknown.

The adverts targeted investors in India, the depicted analyst is SEBI-registered, and Mumbai police registered the case and made the arrests in Bengaluru and Thane (Hindustan Times, Indian Express). Remand by a court is reported but the court is not named, so court_countries is left empty.

Reviewed for publication 2026-10-31: Published because investigating police describe the adverts as deepfake videos of stock market analysts, a depicted analyst complained to police, and police say viewers were cheated through the adverts. The technical basis for the deepfake attribution is undisclosed.

People described

A SEBI-registered research analyst and television stock market commentator whose likeness was used in deepfake investment adverts, and investors whom police say were cheated through the adverts

People reported harmed in this case

At least 1 person

0 AI participants · 1 other person harmed

Additional affected people are described without a reliable count.

One identified person: the SEBI-registered research analyst whose likeness was used and who complained to police (Hindustan Times, Indian Express). Police also say several people were cheated through the ads and several cases were registered (Hindustan Times, quoting the DCP), which is not a count, so the status is partial. Viewers, advertising accounts and the Rs 3 crore paid to the agency are not counts of harmed people.

Counted once within this case. The same person may appear in other cases. This count does not establish AI causation.

Tags

#deepfake#investment-fraud#ai-video#police#advertising

Cite this case

Compiled per our published methodology: verification statuses, sourcing standards, and corrections process.

APA

NOPE. (2026). Mumbai police say ad agency staff let fraudsters run deepfake videos of a stock market analyst as investment ads; four arrested. AI incidents. https://nope.net/incidents/2025-mumbai-police-arrest-ad-agency-staff-over-deepfake-stock-analyst-investment-ads

BibTeX

@misc{2025_mumbai_police_arrest_ad_agency_staff_over_deepfake_stock_analyst_investment_ads,
  title = {Mumbai police say ad agency staff let fraudsters run deepfake videos of a stock market analyst as investment ads; four arrested},
  author = {NOPE},
  year = {2026},
  howpublished = {AI incidents},
  url = {https://nope.net/incidents/2025-mumbai-police-arrest-ad-agency-staff-over-deepfake-stock-analyst-investment-ads}
}

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