In a major cyber fraud case, authorities have launched an investigation after a Ludhiana-based businessman was allegedly duped through a well-planned fake investment scheme.
A 40-year-old industrialist, Jagdeep Singhal, a resident of Aggar Nagar in Ludhiana, lost nearly ₹20 crore to cyber fraudsters in a cryptocurrency scam. The case has been registered by the Punjab State Cyber Crime Police Station in Mohali, with officials describing it as a sustained and organised deception.
Singhal said a woman posing as an investment advisor contacted him on Facebook in May last year. She convinced him to invest in cryptocurrency trading through a website designed to look like a well-known exchange. He was asked to create an e-wallet and transfer funds to specific bank accounts to buy digital assets.
How the investment trap unfolded
The victim initially transferred ₹1 lakh. Within weeks, he was persuaded to invest more, transferring ₹3.71 crore between May and June into multiple third-party accounts. The platform showed inflated returns and a rising balance, building trust in the scheme.
Whenever he tried to withdraw funds, the accused allegedly demanded more payments under different pretexts. Under pressure and fearing losses, he continued transferring large amounts.
Payments increased as withdrawals were delayed
By November, he had made multiple payments of ₹4.75 crore, ₹3.89 crore, ₹2.10 crore, and ₹6.38 crore. This took the total to around ₹19.84 crore. Investigators said the accused kept creating new reasons to delay withdrawals, trapping the victim in repeated payments.
Officials revealed that the fraudsters used multiple Indian and international mobile numbers, including WhatsApp, and operated around 76 mule bank accounts. Authorities are now tracking the money trail and the network behind the operation.
Case registered under BNS and IT Act
Police have filed an FIR under Sections 318(4), 336(3), and 61(2) of the Bharatiya Nyaya Sanhita, 2023, along with Section 66D of the Information Technology Act, 2000. The case includes charges of cheating, forgery, criminal conspiracy, and impersonation.
Officials said efforts are ongoing to identify and arrest the accused. The incident highlights a growing trend of high-value cyber fraud cases where victims are lured through fake platforms that imitate legitimate financial services.
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