Mohali: A Ludhiana industrialist has been defrauded of about ₹20 crore in one of the largest cyber-scams recorded in the region, falling victim to a sophisticated cryptocurrency investment scheme that spanned dozens of fraudulent bank accounts.The operation, which utilised 76 accounts across 15 different financial institutions, highlights the growing reach of organised digital crime syndicates in Punjab. Industrialist Jagdeep Singhal told investigators individuals posing as representatives of a platform called “CoinX Customer Care” had lured him initially. After making contact on social media, the fraudsters built rapport with him through messaging apps and phone calls before persuading him to open an e-wallet.To maintain the illusion of success, the scammers fabricated returns, displaying a fictitious balance on a fake website to convince the victim his investment was growing rapidly. Then they manufactured pressure, issuing fake notices purportedly from regulatory authorities to demand more money. In coercive tactics, they threatened the target with legal action, claiming falsely that his transactions were linked to illegal or terror-related activities.A Maze of AccountsWhen Singhal attempted to withdraw his purported profits, the syndicate demanded further payments for “taxes, service charges, and processing fees”. By the time the industrialist realised he had been duped, he had transferred more than Rs 19.8 crore.A preliminary police inquiry revealed a staggering logistical network behind the fraud. Money was routed through 76 accounts in major institutions including ICICI Bank, Axis Bank, and Bank of Baroda. Identity fraud is also involved, as the suspects utilised forged documents and fake SIM cards to open the accounts across multiple states.Police ActionThe state cybercrime police station in Mohali has registered a case under the Bharatiya Nyaya Sanhita (BNS), including charges of cheating, forgery, and organised crime. “No recovery has been made so far,” a police official confirmed. “Efforts are on to trace the accused and dismantle the wider network through digital evidence and financial tracking.” The complainant has formally requested that the special DGP (cybercrime) for Punjab form a special investigation team (SIT) to handle the high-stakes case.
