IN A breakthrough in a spate of ‘online share trading scams’ in India, the Mumbai police have found Chinese fraudsters are using Indian digital advertising agencies to place fake investment ads containing deepfake videos on Facebook and Instagram to snare victims.

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 victims are then added to WhatsApp groups and duped in online share trading scams.

DCP (Cyber) Purshottam Karad said they have arrested four persons, including Gigil Sebastian, the finance head of a Bengaluru -based digital advertisement company Valueleaf India Services Private Ltd along with three other employees of the company. One of them is from Thane. T

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