Ludhiana industrialist duped of Rs 20 crore in crypto scam; Punjab Police launch probe

A leading industrialist based in Ludhiana has allegedly been duped of nearly Rs 20 crore in a large-scale cryptocurrency investment fraud, in what authorities describe as one of the biggest cyber scams reported in Punjab so far.

A day after registering the case, the Cyber Crime Division of the Punjab Police has initiated a detailed probe into the matter, which involves an organised syndicate operating through fake digital identities, spoofed platforms and dozens of mule bank accounts.

The case has been registered on the complaint of Jagdeep Singal, a resident of Aggar Nagar, Ludhiana, against unidentified accused under Sections 318, 336, 61(2) and other relevant provisions of the Bharatiya Nyaya Sanhita (BNS), 66D of the IT Act. The complainant has sought a high-level investigation, demanding the constitution of a Special Investigation Team (SIT).

According to the FIR, the fraudsters lured the victim through Facebook and later engaged him via WhatsApp, posing as customer care representatives of a cryptocurrency exchange. A woman, who identified herself as “Anamika Roy”, initially established contact and built trust through friendly interactions before introducing investment opportunities in cryptocurrency.

Subsequently, the victim was connected to other alleged members of the syndicate impersonating to represent customer support of a platform named “Coinex”. The accused directed Jagdeep to invest through a website that was later found to be fake but designed to closely mimic a legitimate trading platform.

The complainant began investing on May 15, 2025, with an initial amount of Rs 1 lakh. Over time, he transferred substantial sums, including Rs 3.71 crore in June, into various bank accounts. The fake platform reflected inflated returns, showing his investment had grown to over $4.3 million, thereby encouraging further deposits.

Police said the accused later demanded additional payments under various pretexts, including tax liabilities and “green channel” charges, extracting crores more from the victim. In total, nearly Rs 20 crore was siphoned off through the elaborate scheme.

Investigations have revealed that the accused used multiple fake SIM cards and opened at least 76 forged bank accounts across different states in around 15 banks, including IDFC, ICICI, Bank of Baroda, Axis Bank and Bandhan Bank, to route the funds.

The victim alleged that despite repeated requests for withdrawal, the accused delayed the process through misleading explanations and continued to pressure him into making further payments.

No cryptocurrency was ever credited to his account, and the funds shown in the purported e-wallet were entirely fictitious.

Jagdeep told the officials that the scam was meticulously planned and executed by an organised network targeting unsuspecting individuals under the guise of cryptocurrency trading.

Authorities are also working to trace the accused and identify the beneficiaries of the siphoned funds. Further arrests and disclosures are expected as the probe progresses.

Similar case

Retired Punjab Inspector General of Police (IGP) Amar Singh Chahal was defrauded of over Rs 8.10 crore in a sophisticated cyber fraud case involving fake “get-rich-quick” stock market investment schemes last year.

Following the massive financial loss and the immense distress of having borrowed most of the funds from friends and family, Chahal attempted suicide on December 22. Patiala police arrested seven people from Maharashtra.