MOHALI: A Ludhiana-based industrialist has lost nearly ₹20 crore to cyber fraudsters in a fake cryptocurrency investment scheme, prompting the Punjab State Cyber Crime Police Station in Mohali to register an FIR and begin an investigation into what officials described as a sustained and organised deception.
The complainant, Jagdeep Singhal, 40, a resident of Aggar Nagar in Ludhiana, said a woman posing as an investment advisor contacted him through Facebook in May last year and persuaded him to invest in cryptocurrency trading through a website resembling a well-known exchange. He was told to create an e-wallet on the platform and transfer funds into specified bank accounts for the purchase of digital currency.
How the Alleged Investment Trap Unfolded
Singhal said he initially transferred ₹1 lakh. Within weeks, he was persuaded to make further investments, transferring ₹3.71 crore between May and June into multiple third-party accounts. The platform displayed inflated returns and a growing balance, reinforcing his confidence in the scheme.
Whenever he attempted to withdraw his funds, the accused allegedly demanded additional payments on various pretexts. Acting under pressure and fearing the loss of his initial investment, he continued to transfer large sums, the complaint stated.
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Payments Mounted as Withdrawals Were Delayed
Till November, he had paid ₹4.75 crore, ₹3.89 crore, ₹2.10 crore and ₹6.38 crore in separate transactions, taking the total amount to about ₹19.84 crore. Investigators said the accused repeatedly fabricated new reasons to delay withdrawals, trapping the victim in a cycle of payments.
Officials said the accused used multiple Indian and international mobile numbers, including WhatsApp contacts, and operated around 76 mule bank accounts. Investigators are now examining the flow of money and the network used to move the funds.
FIR Registered Under BNS and IT Act
Police said an FIR has been registered under Sections 318(4), 336(3) and 61(2) of the Bharatiya Nyaya Sanhita, 2023, and Section 66D of the Information Technology Act, 2000. The case includes allegations of cheating, forgery, criminal conspiracy and cheating by personation.
Officials said efforts are under way to trace the accused. The case adds to a growing list of high-value cyber fraud investigations in which victims are allegedly lured into fake investment platforms that mimic legitimate financial services.
