Ludhiana Industrialist Duped Of Rs 20 Crore In Crypto Scam; Mohali Cyber Police Launch Probe
Ludhiana businessman duped of nearly Rs 20 crore in crypto scam via Facebook, with fake websites and accounts used; Mohali cyber police probe continues.
Published : April 25, 2026 at 4:54 PM IST
Ludhiana: A prominent industrialist in Punjab, Jagdeep Singhal, has allegedly been duped of nearly Rs 20 crore in a cyber fraud carried out in the name of cryptocurrency investment. The case has been registered at the Mohali Cyber Police Station.
It is being considered one of the biggest cyber frauds reported in the state so far. According to officials, the fraudsters initially contacted the victim on Facebook and later executed the scam by gradually gaining his trust.
FIR Registered With Multiple Charges
A First Information Report (FIR No. 0021) has been registered under relevant sections, including 318(4), 336(3), 61(2) and 66(D). While the FIR was lodged on April 17, 2026, the transactions linked to the fraud reportedly took place between May 15, 2025 and November 20, 2025. The complaint was filed by Jagdeep Singhal, a resident of Agar Nagar in Ludhiana.
As per the FIR, the accused first befriended the victim on Facebook and later continued communication via WhatsApp, gradually gaining his confidence. The victim was lured into investing money in what appeared to be a cryptocurrency trading platform.
Initially, an investment of Rs 1 lakh was made in May 2025. Over time, the investment amount increased significantly as the platform generated fake profits, convincing the victim to invest more.
Fraudsters allegedly used a fake website designed to resemble a legitimate trading platform, displaying inflated returns to trap the victim.
Use Of Fake Accounts And SIM Cards
Investigations revealed that the accused used a network of approximately 76 fake bank accounts across 15 banks, along with fake SIM cards, to siphon funds. The scam involved creating a near-identical copy of a genuine trading website to mislead the victim.
According to the FIR, a total of Rs 19.84 crore was transferred from the victim’s accounts between May 15 and November 20, 2025, into 15 different bank accounts. Notably, over Rs 5 crore was transferred in just four days, from November 17 to November 20.
The fraud network reportedly used bank accounts spread across Delhi, Mumbai, Maharashtra, Gujarat, Punjab and Bengaluru.
Modus Operandi: Social Media To Investment Trap
The FIR states that a woman identifying herself as “Anamika Roy” initially contacted the victim on Facebook. After building trust through WhatsApp conversations, she introduced him to lucrative investment opportunities.
When the victim made initial investments, the platform allegedly showed profits exceeding US$ 4.3 million, encouraging him to invest larger sums, which eventually led to massive losses.
The investigation has found that the funds were routed through both private and government bank accounts, making the trail more complex. Mohali cyber police are actively investigating the case and making efforts to identify and arrest the accused involved in the fraud.
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