new delhi, May 24
The Press Information Bureau’s fact-checking unit on Sunday warned citizens against a fake online investment scheme that has been circulating widely on the internet using the name of Union Finance Minister Nirmala Sitharaman. The fraudulent scheme reportedly promises unrealistic financial returns and falsely claims government backing in an attempt to attract unsuspecting investors. According to the warning issued by the Press Information Bureau Fact Check unit, fraudsters are promoting a so-called “Quantum AI” investment platform that claims individuals can earn a monthly income of Rs 3 lakh after making an initial investment of Rs 22,000. The PIB clarified that the platform has no connection whatsoever with the Government of India or the Union Finance Minister.
In a post shared on X, the PIB Fact Check unit stated that scammers were misusing the name of the Finance Minister to create a false sense of legitimacy and trust among the public. The post specifically warned people not to fall for claims promising guaranteed high returns within a short period of time.
“Fraudsters are running a ‘Quantum AI’ investment scheme in the name of Union Finance Minister Nirmala Sitharaman, promising citizens a monthly income of Rs 3,00,000 against an initial investment of Rs 22,000,” the PIB Fact Check unit said in its statement.
Calling the scheme completely fake, the agency clarified that neither the Union Finance Minister nor the Government of India was endorsing any such investment platform or financial programme. It stressed that the claims being circulated online were entirely fabricated and intended to deceive people into parting with their money. “Neither the Union Finance Minister nor the Government of India is endorsing any such investment scheme or platform,” the PIB Fact Check unit further stated. The warning comes amid a rise in online financial scams where fraudsters use the names and photographs of prominent political leaders, government officials, celebrities and reputed institutions to lure people into fake investment schemes. Many such scams operate through social media advertisements, messaging applications, websites and manipulated videos that falsely portray public figures as endorsing investment products.
Cyber fraud experts have repeatedly cautioned that schemes offering unusually high returns with little or no risk are often designed to exploit public greed and financial insecurity. Fraudsters frequently use terms such as “AI trading”, “automated investment”, “government-backed scheme” or “guaranteed income” to make fraudulent platforms appear sophisticated and trustworthy. The PIB Fact Check unit advised citizens to remain extremely cautious while dealing with suspicious investment links, websites or mobile applications circulating online. It specifically warned users against clicking on unknown links received through SMS messages, WhatsApp forwards, Telegram groups, emails or social media advertisements. Officials also urged people not to share personal information, banking credentials, debit or credit card details, Aadhaar numbers, OTPs or other financial data with unverified platforms claiming association with the government. Fraudsters often misuse such information to gain unauthorised access to bank accounts or carry out financial theft.
“Beware of such suspicious links or platforms that aim to deceive people into losing their money,” the PIB Fact Check unit said in its advisory. The government’s fact-checking unit regularly issues warnings regarding misinformation, fake recruitment drives, fraudulent financial schemes and fabricated government announcements circulating online. Authorities have repeatedly stressed the importance of verifying information through official government websites and trusted sources before making financial decisions. Officials have also advised citizens to cross-check claims of government-supported schemes through official portals such as the Finance Ministry website, PIB releases and verified social media handles of ministries and departments. In many cases, fake investment advertisements are designed to resemble official government communications in order to mislead users.
The latest warning highlights growing concerns over cyber-enabled financial fraud in India as increasing internet penetration and digital payments create new opportunities for scammers. Cybercriminals often target first-time investors, senior citizens and individuals looking for quick financial gains by presenting unrealistic profit projections and false testimonials.
