The Ludhiana crypto fraud case involves Rs 19.84 crore siphoned from a businessman through a suspected “pig butchering” scam. Funds moved via 76 forged bank accounts and nearly 200 mule accounts, using wallets, prepaid instruments, and possibly gaming platforms. Police continue tracing the complex digital money trail.
The Ludhiana crypto fraud case, worth Rs 19.84 crore, has gained attention after investigators discovered a complex network of bank accounts and digital systems. The case involves a suspected “pig butchering” scam that targeted a Ludhiana-based industrialist for several months.
According to police reports, the funds were transferred through multiple layers of accounts, digital wallets, and prepaid instruments before being dispersed across various regions.
Money trail traced across multiple bank accounts
Investigators discovered that Rs 19,84,30,000 was first transferred to 76 fake bank accounts linked to 15 banks. These transactions are reported to have occurred between May 15 and November 20, 2025. Later, the funds were transferred to a larger chain of nearly 200 mule accounts.
More research shows that prepaid payment methods like wallets and vouchers, were also used to send money. These tools let you make transfers over and over again without having to go through a bank. Officials noted that the layering process made tracking the original source more difficult during the early stages of the probe.
Gaming platforms examined in suspected transfer network
Police have raised concerns over the possible use of online gaming platforms as part of the transfer chain. An investigating officer stated that money was moved through several digital systems and may have been routed through gaming-related channels before reaching other accounts.
The officer noted, “the funds appear to have been dispersed through multiple digital interfaces and gaming systems under examination.” Authorities are examining whether such platforms were used to simulate transactions that resemble normal user activity while masking illegal transfers.
Victim statement and fake platform details under review
The victim, identified as industrialist Jagdeep Singal, was reportedly targeted over a six-month period. According to the FIR, large sums were transferred in multiple phases, including over Rs 5 crore between November 17 and November 20 alone. The complaint mentions coordinated use of fake identities and accounts.
Singal stated, “the funds were moved through a structured network of mule accounts provided by the accused using different names and entities.” He also pointed out that a fake website resembling a known crypto platform was used to create trust. Investigators say the platform was designed to imitate real trading activity while the funds were being misappropriated.
Account network and digital fraud methods under scrutiny
The investigation has identified mule accounts spread across Delhi, Mumbai, Gujarat, Punjab, Maharashtra, and Bengaluru. These accounts were opened using multiple banks, including ICICI Bank, Axis Bank, Bank of Baroda, IDFC Bank and Bandhan Bank. Over 10 mobile numbers linked to false identities were also used.
Authorities are still looking into how people used digital wallets and online systems together to send money between places.
Officials are still looking into the case as they try to figure out the whole transaction chain that includes cryptocurrency fraud, the misuse of mule accounts and suspected transfers between gaming platforms.
