Ludhiana, April 23: The Cyber Crime Division of the Punjab Police has launched an extensive investigation into a major cryptocurrency fraud that has resulted in the loss of nearly Rs 20 crore for a Ludhiana-based industrialist. Authorities noted that the case shares a similar modus operandi with the fraud involving Inspector General Amar Singh Chahal, which occurred in December of the previous year.
The victim, Jagdeep Singal, was allegedly defrauded of Rs 19,84,30,000 between May 15, 2025, and November 20, 2025. According to the investigation, the funds were siphoned into 76 forged bank accounts spread across 15 different financial institutions, including IDFC, ICICI Bank, Bank of Baroda, Axis Bank, and Bandhan Bank, among others.
Investigators stated that the syndicate lured the industrialist through Facebook before transitioning the communication to WhatsApp. A contact identifying herself as Anayika Roy established a rapport and introduced the victim to investment opportunities on a counterfeit cryptocurrency trading platform. This digital dashboard displayed fictitious trades and fabricated returns to create an illusion of high profitability.
In his statement to the police, the industrialist maintained that he failed to recognize the platform as a fraudulent imitation due to a lack of technical expertise. He asserted that the figures displayed were entirely fictitious and deliberately fabricated to mislead him into believing that his funds were secure and actively invested. This deceptive display created a false sense of legitimacy and induced him into making further transfers, he told the police.
Police affirmed that the perpetrators utilized multiple fake SIM cards to execute the scheme. They further manipulated the victim by demanding additional payments under various pretexts, such as tax liabilities and purported green channel charges. Authorities confirmed that the investigation is ongoing, as the agency works to track the widespread network of mule accounts that facilitated the siphoning of these substantial funds.
