In one of the most elaborate cyber frauds to hit Ludhiana, a retired banker lost ₹3.73 crore after falling prey to a sophisticated forex trading scam orchestrated through fake platforms and Telegram chats. The police have arrested three individuals, including a PrivateBank employee, and are probing an inter-state racket exploiting social media and digital manipulation to lure victims into fictitious investments.
Social Media, Telegram & Fake Trading Portals: How the Scam Unfolded
Ludhiana police have busted a multi-crore cyber fraud racket involving a complex forex trading scam that led to a 57-year-old retired banker, Sanjeev Panthi, losing ₹3.73 crore over several months. According to the police, the fraudsters, identified as Bhupinder Singh of Chandigarh, Baldev Singh of Chandigarh, and Gurjant Singh of village Satnana, lured Panthi through a woman posing as a foreign exchange trader on social media.
The scammers contacted him via Telegram under the alias “@199” and convinced him to invest in Admiral Markets Global Ltd., a fake forex trading platform promising triple returns. Swayed by the lure of high returns, the complainant opened a trading account and began transactions.
False Profits and Demands for ‘Tax Payments’
Panthi was shown fake profits in his account, a whopping ₹3.66 crore at one point, but every time he tried to withdraw funds, he was told to deposit more money in the name of taxes and clearance charges. Initially transferring ₹1.44 crore across various accounts by December 18, 2024, he was repeatedly coaxed into making additional payments.
When he attempted to withdraw his funds after depositing ₹24 lakh for tax, he was informed that his account was frozen because the profit amount exceeded ₹1 crore, and he now had to deposit ₹80 lakh more. Desperate to recover his investments, Panthi complied, continuing to transfer funds. From December to February 2025, he ended up moving a total of ₹3.72 crore across multiple accounts.
Cracking the Racket and Ongoing Investigation
Eventually realizing he had been defrauded, Panthi approached the cyber cell. A case was registered at the Khanna police station under cybercrime charges. According to the cyber police, this marks one of the first major FIRs of the year involving such a large financial loss.
Three of the accused were arrested using technical surveillance. Meanwhile, several others, including those believed to have operated the fake trading platform and managed the account laundering, are still absconding.
The arrested private bank employee is suspected of aiding in money transfers. Police officials say more arrests are imminent and that the suspects will soon be brought into formal custody for further interrogation. Investigations are underway to track the trail of the siphoned funds, which were allegedly used for personal luxuries, debt repayment, and possibly real estate purchases.
This case reflects the growing menace of digital financial frauds in India, often exploiting people’s trust through tech-savvy deceit. Authorities have urged the public to stay vigilant and verify all investment channels.
About the author – Prakriti Jha is a student at National Forensic Sciences University, Gandhinagar, currently pursuing B.Sc. LL.B (Hons.) with a keen interest in the intersection of law and data science. She is passionate about exploring how legal frameworks adapt to the evolving challenges of technology and justice.