A fighter plane gifted by the Indian Air Force (IAF) to Aligarh Muslim University in 2009, was listed online for sale at a price of Rs 9.99 crore, creating a furore.
However, the post was removed soon after the incident came to light.
AMU proctor, Prof Mohd Wasim Ali said: "Someone listed the fighter plane on OLX, however, this is completely fake. The university administration is now conducting an investigation in the matter."
On Monday, the advertisement was put up on OLX to sell the fighter plane which stands as a symbol outside the AMU's engineering department.
As soon as this was known, the university administration swung into action and the advertisement was removed after some time.
The MiCO MiG-23BN fighter plane was retired after being in the Indian Air Force for nearly 28 years.