Ludhiana, April 23: A sophisticated cryptocurrency scam has emerged in the state, with authorities reporting that a Ludhiana industrialist was defrauded of Rs 19.84 crore over the course of several months last year. The Cyber Crime Division has initiated a thorough probe into the incident, which involved an organized syndicate operating through spoofed online platforms and a vast network of mule bank accounts.
The fraud, which took place between May and November 2025, involved the transfer of funds into 76 distinct accounts across 15 banks. Financial records indicate that substantial sums were routed through institutions such as ICICI Bank, IDFC, Bank of Baroda, Axis Bank, and Bandhan Bank, alongside several smaller financial entities. In the final days of the scam, specifically between November 17 and November 20, the victim submitted over Rs 5 crore into these fraudulent accounts.
Investigators declared that the modus operandi was consistent with previous high-profile cyber crimes, including the case of IG Amar Singh Chahal. The fraudsters utilized a fake website designed to mimic a trusted exchange, complete with a digital dashboard showing inflated returns. The victim was contacted via social media and gradually convinced to invest, starting with an initial deposit of Rs 1 lakh.
The industrialist asserted that the website functioned as a fraudulent replica, with the money being siphoned off rather than credited to a genuine e-wallet. He stated that the deception was designed to create an urgent need for further investment, often citing tax-saving schemes to extract additional capital. It later became evident that the figures displayed were entirely fictitious and deliberately fabricated to mislead him into believing that his funds were secure and actively invested, the victim noted.
Police stated that the syndicate utilized fake identities and spoofed platforms to maintain the illusion of legitimacy. Officials confirmed that this incident ranks among the largest cyber scams reported in the state to date, with the department currently working to dismantle the complex infrastructure used by the accused to channel the stolen funds across multiple states.
