Biggest Crypto Fraud in Punjab: A Ludhiana-based industrialist has allegedly fallen victim to one of the biggest cryptocurrency frauds reported in Punjab, losing nearly ₹20 crore in a carefully orchestrated cyber scam. The case has now come under investigation by the Cyber Crime Division of the Punjab Police, which suspects the involvement of a well-organized interstate network operating through fake identities, forged bank accounts and counterfeit online platforms.
According to the complaint, industrialist Jagdeep Singal transferred a total of ₹19,84,30,000 over a period of several months after being lured into investing in what appeared to be a profitable cryptocurrency trading platform. The transactions reportedly took place between May 15 and November 20, 2025. Investigators say the fraudsters created a convincing digital setup that made the investment appear genuine, showing regular trades and huge profits on a dashboard designed to build trust.
The method used in the scam appears strikingly similar to another major fraud reported last year involving retired police officer Amar Singh Chahal, a former Inspector General who was allegedly cheated of more than ₹8 crore through a comparable cryptocurrency scheme.
Police records show that the money transferred by Singal was routed through a complex network of 76 bank accounts opened across different states. These accounts were spread across around 15 banks, including major institutions such as ICICI Bank, Bank of Baroda, Axis Bank and HDFC Bank. Investigators believe most of these were mule accounts created using forged documents to hide the identity of the people actually controlling them.
The scale of the transfers has surprised investigators. A large portion of the money was deposited in accounts held in IDFC Bank and ICICI Bank alone, where crores were credited across multiple accounts. Other banks such as Bandhan Bank, Yes Bank and Kotak Mahindra Bank were also used as part of the network. The accounts were reportedly linked to locations including Delhi, Mumbai, Gujarat, Maharashtra, Punjab and Bengaluru.
Investigators noted that more than ₹5 crore was transferred within just a few days in November, suggesting that the fraudsters were pressuring the victim to deposit money quickly. They allegedly used various tactics, including claims about tax benefits and limited-time opportunities, to create urgency and persuade him to invest larger amounts.
The contact reportedly began on Facebook, where the victim was approached by a woman identifying herself as “Anamika Roy.” After establishing communication, the conversation shifted to WhatsApp, where the alleged fraudsters posed as representatives of a cryptocurrency trading platform and guided him through the investment process.
Initially, Singal invested a relatively small amount of ₹1 lakh. As the fake platform began displaying large profits, he gradually increased his investments. Over time, the dashboard showed his account balance rising to more than $4.3 million, creating the impression that his funds were performing exceptionally well in the crypto market.
In his statement to investigators, the complainant said the professional design of the website and its daily trading data convinced him that the platform was genuine. Being a senior citizen and not very familiar with advanced digital systems, he trusted the information displayed on the screen.
Police later discovered that the website was merely a counterfeit copy of a legitimate cryptocurrency exchange. The trading figures shown to the victim were entirely fabricated and existed only to encourage further deposits. Instead of being invested in digital assets, the funds were allegedly being siphoned off through mule accounts controlled by the fraudsters.
Authorities also found that the suspects used several fake SIM cards and digital identities while communicating with the victim. After the initial investments, they reportedly demanded additional payments under various pretexts, including taxes, processing charges and so-called “green channel” fees required to withdraw profits.
Cybercrime investigators describe the operation as a highly organized fraud network that relies on social media outreach, fake investment portals and multiple bank accounts to move money quickly before authorities can trace it.
Officials from the Punjab Police say the case highlights the growing threat of cryptocurrency-related scams in India. With digital investments becoming more popular, cybercriminals are increasingly exploiting inexperienced investors by creating convincing but fake trading environments.
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The investigation is now focused on identifying the people behind the fake accounts, tracing the flow of funds across different banks and states, and determining whether the same group is involved in similar cyber fraud cases reported elsewhere in the country. Police officials say more arrests and revelations may follow as the probe moves forward.