Ludhiana Industrialist Defrauded of ₹20 Crore in Elaborate Cryptocurrency Scam
In one of the most significant cyber-fraud cases recorded in the region, a prominent industrialist from Ludhiana has been swindled of approximately ₹20 crore through a highly sophisticated cryptocurrency investment scheme. The elaborate scam utilized a network of 76 fraudulent bank accounts spread across 15 different financial institutions, exposing the expanding reach of organized digital crime syndicates operating in Punjab.
How the Sophisticated Scam Unfolded
Industrialist Jagdeep Singhal revealed to investigators that he was initially approached by individuals posing as representatives of a platform called "CoinX Customer Care." The fraudsters first made contact through social media channels before building rapport via messaging applications and persistent phone calls.
After establishing trust, they persuaded Singhal to open an electronic wallet for cryptocurrency investments. To maintain the illusion of a successful venture, the scammers fabricated impressive returns, displaying a fictitious balance on a counterfeit website designed to convince the victim that his investment was growing rapidly.
The scheme then escalated with manufactured pressure tactics. The criminals issued fake notices purportedly from regulatory authorities demanding additional payments. In coercive maneuvers, they threatened Singhal with legal action, falsely claiming his transactions were linked to illegal activities or terror financing.
The Financial Maze and Police Investigation
When Singhal attempted to withdraw his purported profits, the syndicate demanded further payments for "taxes, service charges, and processing fees." By the time the industrialist realized he had been thoroughly duped, he had transferred more than ₹19.8 crore through multiple transactions.
A preliminary police inquiry has uncovered a staggering logistical network behind the fraud operation. The illicit funds were routed through 76 accounts in major banking institutions including ICICI Bank, Axis Bank, and Bank of Baroda. The investigation has revealed that identity fraud played a crucial role, with suspects utilizing forged documents and counterfeit SIM cards to open accounts across multiple states.
Legal Action and Recovery Efforts
The state cybercrime police station in Mohali has registered a formal case under the Bharatiya Nyaya Sanhita (BNS), including charges of:
- Cheating and criminal breach of trust
- Forgery of valuable security and documents
- Organized crime and conspiracy
"No recovery has been made so far," confirmed a police official involved in the investigation. "Our efforts are focused on tracing the accused through digital evidence and financial tracking to dismantle the wider criminal network."
The complainant has formally requested that the Special Director General of Police (Cybercrime) for Punjab establish a Special Investigation Team (SIT) to handle this high-stakes case, given the substantial financial loss and complex nature of the fraud.
This case serves as a stark warning about the sophisticated methods employed by digital crime syndicates targeting high-net-worth individuals through cryptocurrency schemes. The investigation continues as authorities work to identify the perpetrators and recover the stolen funds.
