CHENNAI: The Cyber Crime Wing of the Tamil Nadu Police has issued an urgent advisory cautioning citizens about a surge in fraudulent social media scams in the form of campaigns falsely linking billionaire entrepreneur Elon Musk to cryptocurrency.
These schemes, proliferating on platforms like Instagram, use doctored videos and deceptive claims of “free Bitcoin” to lure victims into fraudulent investment platforms.
Fraudsters are exploiting edited clips from genuine interviews, including recent discussions featuring Elon Musk’s father, Errol Musk, to fabricate endorsements for unregulated crypto trading websites.
Advanced artificial intelligence (AI) tools are deployed to manipulate audio and video content, making the scams appear credible. Victims are enticed with promises of guaranteed returns or complimentary Bitcoin for signing up, only to lose money or compromise sensitive personal data.
Authorities have identified 26 fraudulent Instagram URLs and 14 fake websites promoting these scams. The Cyber Crime Wing has initiated takedown requests to intermediaries to block access immediately. Officials reiterated that neither Elon Musk nor his companies have endorsed any cryptocurrency platform offering free Bitcoin or investment schemes.
Victims are urged to contact the national cybercrime helpline at 1930 or file a complaint via www.cybercrime.gov.in.
Red flags to identify scams:
Unrealistic promises: Claims of “risk-free” or guaranteed profits in crypto trading.
Misuse of celebrity imagery: Platforms using Musk’s photos, videos, or name without verification.
Suspicious links: Unsolicited social media messages urging clicks or app downloads.
Verify investment opportunities through official channels like government portals (e.g., SEBI) or registered financial authorities.
Avoid sharing personal/financial details on unverified platforms.
Use only crypto exchanges recognized by regulatory bodies.
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