Ludhiana Crypto Scam: Fake $4.3M Profits Trap Industrialist, Rs. 20 Crore Lost via Facebook and WhatsApp Scam
The Ludhiana crypto scam has shocked Punjab after a well-known industrialist lost nearly Rs.. 20 crore in a cryptocurrency fraud. Police have started a detailed investigation into the case, which shows how advanced cyber scams have become.
The victim, Jagdeep Singal, said the fraud started with a simple message on Facebook. A woman using the name Anamika Roy contacted him and built friendly conveRs.ations. Later, the chat moved to WhatsApp. There, more people joined and claimed to be customer care staff of a crypto exchange.
How the Fraud Started and Built Trust
They guided him to invest through a website that looked real. However, police later found that this was a fake crypto platform made only to cheat people. The website showed fake profits and increasing returns to gain trust.
The investment began with Rs.. 1 lakh in May 2025. As the platform showed high returns, the victim kept investing more money. Within a few months, he transferred crores of rupees into different bank accounts. In June alone, payments crossed Rs.. 3.7 crore.
Fake Profits and Withdrawal Trap
The platform showed that his investment had grown to over $4.3 million. This encouraged him to invest even more. But when he tried to withdraw the money, the fraudsteRs. created problems.
They asked for extra payments, saying it was needed for tax, service charges, and fast withdrawal. Each time, they promised quick processing after payment. This trick continued until the total loss reached nearly Rs.. 20 crore.
Police Investigation and Scam Pattern
Police found that the money moved through 76 bank accounts in different states. These accounts were opened using fake documents. The network used several banks, including ICICI Bank, Axis Bank, and Bank of Baroda. The accused also used fake SIM cards to hide their identity.
The Punjab Police probe is now focused on tracking these accounts and finding the people behind the scam. Officials said no real cryptocurrency was ever bought. The balance shown on the website was completely fake.
A case has been registered under cyber crime and fraud laws. Police are studying digital records and bank transactions to catch the accused. The victim has asked for a Special Investigation Team to handle the case faster.
This cyber crime India case shows a common pattern. ScammeRs. contact people on social media, build trust, and then show fake profits. Many people fall into this trap because the platforms look real.
Experts say such scams are rising quickly. People must stay careful while dealing with online investments, especially when offeRs. promise very high returns.
