Fact Check: Deepfake shows Nirmala Sitharaman announcing partnership with crypto trading platform

Hyderabad: A video showing finance minister Nirmala Sitharaman announcing a strategic partnership with Quantum Trade, a crypto trading platform, is circulating on social media.

In the video, she could be heard saying, “As we navigate the currents of economic evolution, it is with great pleasure that I announce a groundbreaking partnership between the Government of India and Quantum Trader, an innovative platform fostering financial empowerment, in our commitment to uplift every citizen, especially those facing economic challenges. This alliance seeks to provide an avenue for wealth creation. The Quantum Trader, with its advanced automated trading capabilities, opens doors for individuals to participate in the financial markets, a prospect previously deemed exclusive. Our collaboration aims to democratise wealth, empowering those who strive to make ends meet. The government acknowledges the potential of Quantum Trader in shaping a prosperous future for our citizens. This partnership signifies a strike towards financial inclusion. Together, we envision a landscape where Quantum Trader contributes significantly to the economic well-being of our nation.”

“Big Announcement! QuantumTrade proudly announces a strategic alliance, creating opportunities for all. Explore the benefits of our new partnership – join today!” wrote a Facebook user who shared the video.

Several Facebook users have shared the video. Click here and here to view the posts.

Fact Check

NewsMeter found that the video is a deepfake. In the original video, she could be heard speaking Tamil.

On performing a reverse image search of the video’s keyframe, we found a video of the minister addressing a press conference in the same attire published by the Press Information Bureau (PIB) on December 22, 2023, titled ‘Press Conference by Union Minister Nirmala Sitharaman on Govt. Efforts for Tamil Nadu flood relief.’

The viral clip appears in the video after a 3:28-minute timestamp and shows her speaking in Tamil.

Here is a comparison of the same keyframes from the viral and the PIB video which the clip was extracted from the PIB video.

We also found a report by The News Minute from December 22, 2023, which carried a cover image of Sitharaman in the same attire as seen in the viral and PIB video. “Nirmala Sitharaman says TN did not take precautions for rain, contradicts central team,” read the report’s title.

“Flood relief is a different matter, that comes after flooding takes place. But if precautionary measures had been taken, this situation would not have occurred. I am speaking about Chennai and surrounding areas like Ambattur Industrial Estate, the harbour, and train stations,” the report quoted the finance minister saying during the press conference.

The Hindu also carried an image from the press conference in a report published on December 22, 2023. It said Sitharaman blamed the Tamil Nadu government for inefficiencies in flood mitigation and relief efforts. We did not find any mention of the finance minister announcing a partnership with the crypto trading platform.

Hence, we conclude that the viral video of the finance minister announcing a partnership with the crypto trading platform Quantum Trade is a deepfake.