Ludhiana: A Ludhiana-based businessman, Jagdeep Singal, has been cheated of nearly ₹20 crore in a major cryptocurrency fraud, one of the biggest cyber scams reported in Punjab so far.
The case has been registered by the cyber crime division of Punjab Police, which has launched a manhunt to trace the organised gang behind the fraud.
According to the complaint, the victim was first contacted via Facebook, where a woman identifying herself as “Anamika Roy” gained his trust and lured him into investing in cryptocurrency. He was then directed to a fake investment website designed to closely resemble a legitimate trading platform.
Singal initially invested ₹1 lakh in May 2025, but gradually transferred crores after seeing fake profits displayed on the platform. The website showed returns of around $4.3 million, which encouraged him to invest more money.
Later, the fraudsters demanded additional payments in the name of taxes and processing charges, eventually swindling nearly ₹20 crore.
Investigations have revealed that the accused used a network of 76 fake bank accounts across 15 banks in different states, along with multiple SIM cards, to move the money and avoid detection.
The victim has demanded a high-level probe through a Special Investigation Team (SIT).
In a similar case last year, former IGP Amar Singh Chahal was duped of ₹8.10 crore. Police are now conducting raids to dismantle the fraud network.
