A Ludhiana industrialist allegedly lost ₹19.8 crore in a crypto “pig butchering” scam. Police said fraudsters built trust through a fake online identity, then pushed fake crypto investments. Funds were routed through 76 bank accounts, and a cybercrime investigation is underway
A cyber fraud case involving a Ludhiana-based industrialist has come under investigation after police linked it to a “pig butchering” scam. Authorities said the victim lost around ₹19.8 crore in a structured cryptocurrency fraud built through long online interaction and staged investment promises.
The case has drawn attention due to the use of fake identities, digital manipulation and multiple bank accounts across different states.
The scam reportedly involved trust building over several months through social media and messaging platforms. Police stated that the accused used emotional engagement and financial persuasion before directing the victim into fake crypto investments.
Investigators believe the operation involved coordinated groups using fabricated documents and online platforms to mislead the investor.
Pig butchering crypto scam linked to long-term online contact
According to investigators, the fraud began when the industrialist came into contact with a woman identifying herself as “Anamika Roy” through Facebook. The interaction gradually shifted from casual communication to frequent personal exchanges over months. Police suspect the identity used was not real and formed part of the deception network.
Officials stated that trust was built steadily before investment discussions started. A police officer said, “the woman laid the perfect pig butchering trap.” Reports indicate the contact started around April 2025 and continued until December, when communication suddenly stopped after the funds were transferred.
Fake crypto platform, fabricated financial documents for fraud
After gaining trust, the accused introduced the victim to cryptocurrency investments through individuals claiming to represent a platform called “CoinX Customer Care.” The victim was guided to open an e-wallet and shown false returns through a controlled website interface. The displayed profits were not real and were designed to encourage larger transfers.
Investigators said the fraudsters also used pressure tactics. Fake notices were issued, claiming regulatory scrutiny and legal exposure. In addition, forged documents resembling tax and regulatory approvals were shown to the victim.
Authorities said the victim was told that further payments were needed for taxes, service charges, and processing fees before withdrawals could be allowed.
Multi-bank account network and ongoing police investigation
Police confirmed that funds were moved through 76 bank accounts linked to 15 financial institutions, including ICICI Bank, Axis Bank, and Bank of Baroda. Investigators believe fake identity documents and SIM cards were used to open several of these accounts across different regions. The structure suggests coordinated financial layering to hide the money trail.
The state cybercrime unit in Mohali has registered a case under relevant provisions of the Bharatiya Nyaya Sanhita, including cheating, forgery, and organised crime. Officials stated that no recovery has been made so far.
Efforts are continuing to trace the suspects using digital evidence and transaction mapping. The complainant has also requested the formation of a special investigation team to handle the case and identify the wider network involved.
