CHANDIGARH: A Ludhiana-based businessman has allegedly been duped of Rs 20 crore in a sophisticated cryptocurrency scam that began with a Facebook friend request and is described as one of the biggest cyber scams reported in Punjab till date.
Sources said that the victim identified by the police as Jagdeep Singla, was reportedly targeted in May last year after receiving a friend request from a profile under the name 'Anamika Roy' on Facebook.
What started as casual online interaction soon turned into a calculated financial trap. The alleged accused gradually gained his trust and introduced him to cryptocurrency trading, promising high returns through an 'international platform.'
Singla was then connected to other alleged members of the syndicate impersonating to represent customer support of a platform named 'Coinex'.
He was told to create an e-wallet on a website named 'Konex VIP 2', which appeared to be a legitimate trading platform but was allegedly a cloned interface designed to deceive and was later found to be fake but closely mimicked a legitimate trading platform, said sources.
The case has been registered under Sections 318, 336, 61(2) and other relevant provisions of the Bharatiya Nyaya Sanhita (BNS), 66D of the IT Act on the complaint of Jagdeep Singal of Aggar Nagar, Ludhiana, against unidentified accused.
He has sought a high-level investigation, demanding the constitution of a Special Investigation Team (SIT).
The Cyber Crime Division of the Punjab Police has started a detailed investigation into the matter, which involves an organised syndicate operating through fake digital identities, spoofed platforms and dozens of mule bank accounts.
Sources further added that the victim started investing on May 15 last year with an initial amount of Rs 1 lakh and slowly he transferred huge amount, including Rs 3.71 crore in June, into various bank accounts.
The fake platform reflected inflated returns, showing his investment had grown to over $4.3 million, thereby encouraging further deposits.
Sources further added that as per the probe so far, the accused used multiple fake SIM cards and opened at least 76 forged bank accounts across different states in some 15 banks, including IDFC, ICICI, Bank of Baroda, Axis Bank and Bandhan Bank, to route the money.
The scam came to light when he attempted to withdraw the funds and realised that the displayed balance was fictitious and inaccessible.
The accused delayed the process through misleading explanations and continued to pressure him into making further payments. The alleged accused later demanded additional payments under various pretexts, including tax liabilities, the victim alleged.
No cryptocurrency was ever credited to his account, and the funds shown in the purported e-wallet were entirely fictitious.
The police is now trying to trace the accused and identify the beneficiaries of the siphoned money.
It is not the first such case; earlier, a retired Punjab Inspector General of Police, Amar Singh Chahal, was duped of Rs 8.10 crore in stock market investment schemes last year.
The state police arrested seven alleged accused from Maharashtra. Chahal also tried to attempt suicide on December 22. He was taken to the hospital and was saved.
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