A major cyber fraud case from Ludhiana has stunned the business community after a well-known industrialist allegedly lost nearly ₹19.84 crore in a sophisticated cryptocurrency scam that began with a simple social media connection. Investigators say the entire fraud was carefully planned and executed by a cybercrime syndicate that used a fake identity to build trust with the victim over several months.
According to police sources, the businessman, identified as Jagdeep Singla, first came in contact with a woman using the name “Anamika Roy” on Facebook. What appeared to be a normal online interaction soon turned into regular conversations. Over time, the woman gradually gained the businessman’s confidence by engaging in friendly discussions and presenting herself as someone knowledgeable about cryptocurrency trading.
Investigators believe this approach was part of a classic online honeytrap strategy often used in cyber scams. By building a personal connection and emotional trust, fraudsters slowly influence victims to take financial decisions they might otherwise avoid.
As the conversations continued, the woman reportedly introduced the businessman to cryptocurrency investments. She claimed to have access to profitable opportunities through an international trading platform and suggested that he could earn impressive returns in a short time. She also portrayed herself as financially experienced and well connected in the crypto market, which further strengthened the victim’s trust in her advice.
Following her suggestions, the businessman registered on a platform called Konex VIP 2. At first glance, the website appeared professional and legitimate. It displayed trading charts, account balances, and investment dashboards similar to real cryptocurrency platforms. However, investigators later discovered that the website was actually a cloned and fraudulent platform designed to deceive investors.
The victim initially invested a relatively small amount to test the platform. When the website began showing significant profits on his dashboard, his confidence grew. Encouraged by these apparent gains and reassured repeatedly by the woman, he continued to transfer larger amounts of money.
According to the police investigation, the businessman began investing on May 15, 2025, starting with ₹1 lakh. Over the following months, he kept depositing funds into various bank accounts provided by the alleged operators of the platform. The fake website continued to display growing profits, giving the impression that his investment was multiplying rapidly.
In reality, authorities say the profits were completely fabricated. The numbers displayed on the platform were controlled by the fraudsters to create the illusion of successful trading. Believing the returns were genuine, the businessman continued investing more money.
By the time the scam came to light, he had transferred a staggering ₹19.84 crore. Investigators found that the money was distributed across 76 mule bank accounts linked to 15 different banks in several states. This complex network allowed the fraudsters to quickly move funds and reduce the chances of detection.
Police officials say the woman using the name Anamika Roy played a crucial role in maintaining the victim’s confidence throughout the process. Whenever the businessman expressed hesitation or concern, she reportedly reassured him and encouraged him to stay invested. At times, she directed him to speak with supposed “customer care representatives” of the platform, who were actually members of the same fraud network.
The victim eventually realised something was wrong when he attempted to withdraw his funds. Instead of allowing the withdrawal, the fraudsters demanded additional payments, claiming they were required for taxes, verification, and special processing charges. When repeated payments failed to unlock the withdrawal, the businessman understood that he had been trapped in a large-scale cyber fraud.
An FIR filed in the case describes the operation as a well-organised cybercrime network that used fake digital identities, multiple SIM cards, and dozens of bank accounts to carry out the fraud. Investigators say the criminals carefully created a convincing online ecosystem to gain the victim’s trust and keep the scam running for months.
Police in Punjab are now tracing the financial trail and attempting to identify the individuals behind the operation. One of the biggest questions investigators are trying to answer is whether the identity of Anamika Roy belongs to a real person or whether it was completely fabricated by the cybercrime syndicate.
Officials say the case is among the largest cyber frauds reported in Punjab in recent years, highlighting the growing danger of social media-based financial scams. Cybercrime experts warn that criminals are increasingly using emotional manipulation along with fake investment platforms to target wealthy individuals and professionals.
Authorities are urging people to remain cautious when interacting with strangers online, especially when conversations involve investment opportunities or requests for money transfers. Experts stress that genuine financial platforms never demand repeated payments for withdrawals and advise investors to verify every platform before transferring funds.
This case has once again exposed how easily trust built on social media can be exploited by organised cybercriminals, turning a simple online friendship into a devastating financial trap.