Ugandan business magnate Sudhir Ruparelia has issued a stern warning to the public regarding a deceptive online investment scam that has falsely used his likeness in a manipulated video.
The doctored video, reportedly created with deepfake technology, shows a fabricated message where Ruparelia allegedly endorses a fraudulent financial platform. The video misleadingly claims that the Ugandan government is concealing information about a lucrative investment opportunity. It suggests that an investment of Shs 915,000 could generate monthly returns of up to Shs 10 million, while accusing the government of targeting Ruparelia in connection with the platform.
The deepfake video features an AI-generated voice, supposedly from Ruparelia, asserting, “This platform is completely legal, licensed, and operational in the country,” alongside falsified statistics, further deceiving viewers.
Upon investigation, it was confirmed that the video was a highly sophisticated manipulation of legitimate footage from an interview Ruparelia had given to Uganda Broadcasting Corporation (UBC). Both the video and audio were digitally altered to create the appearance of an endorsement.
Ruparelia has vehemently denied any association with the fraudulent platform and urged the public to exercise caution. “This is a scam, and I have not endorsed any online investment schemes offering unrealistic returns,” he stated, advising Ugandans to avoid falling for such scams.
Authorities have raised alarms over the growing problem of online fraud in Uganda. The 2024 Police Crime Report reveals that scams have led to losses exceeding Shs 474 billion, with only a fraction of Shs 10 billion recovered.