Ludhiana Police Register FIR in Rs 43 Lakh Cryptocurrency Scam
In a significant development, the Model Town police in Ludhiana have officially booked six persons on charges of cheating and fraud. The case revolves around an alleged cryptocurrency scam where the accused duped a local resident of a staggering Rs 43 lakh by enticing him to invest in US Dollars Tether (USDT), a popular digital currency.
Details of the Fraudulent Scheme
The complainant, identified as Jaskaranjit Singh from Dugri, approached the authorities with a detailed account of the deception. According to his statement, the accused contacted him directly and presented an enticing investment opportunity. They promised substantial financial returns within a remarkably short timeframe if he invested his money in USDT.
Believing their assurances to be genuine, Jaskaranjit Singh transferred approximately Rs 43 lakh to the accused. However, after receiving the funds, the individuals neither provided any profit as promised nor returned his original investment amount. Left with no recourse, he formally lodged a complaint with the police, prompting an official investigation.
Police Investigation and FIR Registration
Police sources have revealed that the victim, Jaskaranjit Singh, initially filed his complaint regarding this financial fraud on July 7, 2025. The Economic Offences Wing of the police department then undertook a thorough and meticulous investigation into the matter.
Following this extensive probe, which lasted approximately eight months, an FIR was officially registered at the Model Town police station on March 18, 2026. The delay in filing the case is attributed to the complex nature of cryptocurrency transactions and the detailed verification required.
Accused Named in the Case
The police have identified and named the following six individuals as accused in this cryptocurrency fraud case:
- Gurdeep Singh, resident of village Ranghiya
- Manpreet Singh, resident of Ranjit Avenue, Kapurthala
- Parminder Singh, resident of Manjit Nagar
- Satwinder Singh alias Prince, resident of Abdullahpur Basti, Ludhiana
- Kuldeep Singh
- Bhatti, resident of Jalandhar
Ongoing Police Action and Raids
Authorities have confirmed that police teams are currently conducting raids at various locations across the region in an effort to apprehend the accused. Law enforcement officials anticipate that the arrests will lead to major disclosures about the broader network involved in this cryptocurrency scam. The investigation aims to uncover any additional victims or linked fraudulent activities.
Context of Cryptocurrency Frauds in the Region
This incident is not isolated. In September of the previous year, Ludhiana Rural police had busted a Dubai-linked gambling network that was involved in converting rupees into cryptocurrency. That racket left numerous victims chasing phantom payouts and was reported to have funneled crores of dollars to a suspected mastermind operating from abroad. The recent case underscores the ongoing challenges and risks associated with digital currency investments in the area.
The police have urged the public to exercise extreme caution and conduct due diligence before investing in any cryptocurrency schemes, especially those promising unrealistically high returns in short periods.
