Imagine receiving a message with a link showing Union finance minister Nirmala Sitharaman not just endorsing an investment scheme but also appearing as its main promoter. The message carries her photo and a (fake) statement in her name:
"I could not allow myself to support the launch of such a significant financial instrument without personally testing it first. We already had strong data showing the platform’s impressive performance, but as a policymaker and economist, I believe in facts over forecasts. So I decided to try it myself."
The statement goes on to claim:
"I started with the amount available to every citizen in India – Rs22,000. This is the minimum investment we set through our collaboration with India’s leading banks, to ensure that the platform is accessible to all. I used the platform for about a month. In that time, my account grew fivefold. I truly believe in this platform. I know it will change lives. And I am proud that India’s largest companies – such as Reliance Industries, TCS, Infosys, HDFC Bank and Bharti Airtel – have invested in its development."
In reality, this is the latest version of an online scam. Cybercriminals have launched a Ponzi-style scheme, misusing Ms Sitharaman’s name and photo to trick people into putting money into a fake platform that promises ‘guaranteed daily income’.
What makes this fraud more alarming is the extra step taken by scammers. They have copied the design and branding of The Times of India (ToI), one of the country’s biggest newspapers, to make the fake webpage look authentic.
The page even includes fabricated quotes suggesting that the government of India has introduced a scheme called Quantum AI, claiming it will help citizens earn money automatically through artificial intelligence (AI). To add false credibility, the site also shows endorsements supposedly from regulators like Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI), and top corporates such as Reliance Industries, TCS, Infosys, HDFC Bank, and Bharti Airtel.
This is not the first time fraudsters have misused the names of politicians, regulators, or trusted media houses to legitimise scams. But the combination of a finance minister’s image, a respected newspaper’s design, and fake corporate endorsements makes this campaign especially dangerous.
How the Scam Works
At first glance, the fake webpage looks like a genuine article from ToI. It carries bold headlines claiming that finance minister Sitharaman has launched a new financial opportunity for all Indians. Her picture is placed prominently, along with a false story that she personally tested the platform and was ‘amazed’ by the results.
The article introduces the so-called ‘Quantum AI’ platform, presented as if it were a government-backed scheme. It claims ordinary citizens can earn money automatically through algorithm-based trading. The sales pitch highlights phrases such as ‘no experience required’ and ‘start with just Rs22,000’.
The process is shown as quick and easy, but is designed to trap victims:
- Register online by filling in contact details and a mobile number.
- Verify identity through phone or email.
- Deposit money – minimum Rs22,000 – via credit card or bank transfer.
- Activate the platform with help from a so-called 'dedicated adviser'.
After depositing money, victims see a fake dashboard that displays fast-growing returns. For example, after investing Rs22,000, it shows a profit of Rs220,000 in just seven days and Rs600,000 in 30 days! This illusion encourages ‘eager investors’ to invest more. But when they try to withdraw, they encounter endless delays, hidden fees, or, in many cases, complete loss of their money.
Why It Is a Ponzi Scheme
Experts say this setup fits the classic definition of a Ponzi or pyramid scheme because:
- False promises: It advertises guaranteed, high returns with little or no risk – something no legitimate financial product can ever assure.
- New money funds old investors: Any returns shown (if at all) usually come from money deposited by new investors, not from genuine profits.
- Inevitable collapse: Once new sign-ups slow down or regulators step in, the scheme falls apart, leaving most investors with heavy losses.
Cybersecurity experts also point out a new trend: cybercriminals are increasingly using AI as a buzzword to lure victims. Just as older scams rode the hype around cryptocurrency and blockchain, today’s frauds are being dressed up in the language of AI to make them look modern and credible.
Why Misuse of ToI’s design is alarming
One of the most worrying parts of this scam is how professionally the fraudsters have copied the look of the Times of India website. They have mimicked its fonts, colours, article style and even added fake sections such as ‘trending stories’ and ‘advantages of the platform’.
By cloning India’s most widely read English daily, the scammers are exploiting the public’s trust in mainstream journalism. For an unsuspecting reader, the mix of a respected news brand and the finance minister’s supposed endorsement feels highly convincing.
This tactic is known as a ‘news-jacking scam’—where criminals hijack the reputation of a trusted media outlet to promote fake investment schemes. Similar scams have been reported abroad, where fraudsters copied websites of BBC, CNN, or The Guardian to push bogus Bitcoin or forex platforms.
Exploiting the Finance Minister’s Image
What makes this scam especially bold is the misuse of finance minister Sitharaman’s photo and name. The fake webpage carries fabricated quotes attributed to her, including:
These false endorsements are carefully designed to make it look as if the Indian government itself is promoting the scheme. By linking it to the finance minister, the scammers hope to remove doubts from potential victims who might otherwise question the offer.
Such misuse of public figures’ identities is a serious breach of trust, a punishable offence under cybercrime laws, and part of a wider pattern where fraudsters exploit the names of politicians, celebrities, or regulators to deceive citizens.
Impact on Common People
For families already under financial stress, the promise of ‘guaranteed income’ with little effort can sound very attractive. Students, retired persons, homemakers, and middle-income households are especially at risk because they may not have the time or knowledge to check if such offers are genuine.
The fallout can be severe:
- Loss of savings: Although the entry starts at Rs22,000, many victims end up depositing much larger amounts after being misled by fake dashboards showing ‘profits’.
- Identity theft: By asking for ID verification, scammers can steal personal documents and use them for other fraud.
- Emotional impact: Victims often feel ashamed or hesitant to report the scam. This delay not only causes more personal damage but also allows fraudsters to trap new people.
Red Flags To Watch Out For
To stay safe, watch for these common warning signs of online Ponzi-style scams:
- Unrealistic returns: Promises of guaranteed profits like 10 times (x) or 20x are clear red flags.
- Misuse of big names: If a scheme claims backing from RBI, SEBI, or a minister, always cross-check on official government or regulator websites.
- High-pressure tactics: Phrases like ‘limited-time offer’ or countdown timers are meant to rush you into bad decisions.
- Suspicious website links: Fake sites often use odd domain names such as ‘in-robocash.com’ instead of official government or media domains.
- Lack of official contact details: Genuine schemes always provide verifiable helplines, addresses, and complaint channels.
Guidance for ‘Investors’
- Always verify: If an article claims to announce a government scheme, check the press information bureau (PIB) website or official ministry portals.
- Don’t click random links: Avoid opening links received through WhatsApp, Telegram, or unsolicited emails.
- Educate vulnerable groups: Warn senior citizens and students in your family, as they are often prime targets.
- Practise strong cyber hygiene: Keep antivirus software updated, enable two-factor authentication and regularly review your bank statements.
- Report, don’t hide: If you fall victim, file a complaint immediately. Quick reporting helps authorities block fake websites faster.
If you are a victim, then you are strongly advised to report suspicious links or financial losses immediately through the national cybercrime reporting portal- NCRP (
https://cybercrime.gov.in/) or by calling the dedicated helpline 1930.
The misuse of FM Sitharaman’s name, combined with the imitation of Times of India’s website, highlights just how sophisticated online fraud has become. Ponzi operators are exploiting the public’s trust in government leaders and mainstream media to lure citizens into handing over their money.
While regulators and law enforcement must act quickly to shut down such fake sites, the first line of defence is public awareness.
Remember the golden rule of online safety: “If an investment sounds too good to be true, it almost certainly is.”
Stay Alert, Stay Safe!
