Key Takeaways
- • A Ludhiana-based industrialist, Jagdeep Singal, lost approximately Rs 20 crore (USD ~2.4 million) in a sophisticated cryptocurrency investment fraud—among the largest cyber scams reported in Punjab to date.
- • Fraudsters operated an organized syndicate using 76 mule bank accounts across 15 financial institutions (including ICICI Bank, Axis Bank, and Bank of Baroda) and leveraged forged documents and fake SIM cards to establish accounts across multiple states.
- • The scam employed a multi-stage social engineering attack initiated via Facebook friend request (May 2025), with perpetrators impersonating customer support representatives of platforms named "Coinex" and "CoinX Customer Care," directing the victim to fake trading websites including "Konex VIP 2."
- • The victim was lured with fabricated returns displayed on a cloned interface and subjected to psychological coercion tactics, including fake regulatory notices, threats of legal action for alleged terror-related activities, and demands for additional fees (taxes, service charges, processing fees) upon attempted withdrawal.
- • Punjab Police's Cyber Crime Division has registered an FIR under Sections 318, 336, 61(2) of the Bharatiya Nyaya Sanhita (BNS) and Section 66D of the IT Act; the complainant has demanded constitution of a Special Investigation Team (SIT) for high-level probe.
Summary
A Ludhiana industrialist fell victim to a large-scale cryptocurrency investment fraud involving the systematic theft of approximately Rs 20 crore, marking one of the most significant cyber crimes documented in Punjab. The victim, identified as Jagdeep Singal of Aggar Nagar, Ludhiana, initiated contact with fraudsters in May 2025 following a Facebook friend request from a profile using the name "Anamika Roy." This initial social engineering vector evolved into sustained engagement via WhatsApp and phone calls, wherein the fraudster gradually established trust before introducing purported cryptocurrency investment opportunities.
The perpetrators operated as an organized syndicate employing sophisticated operational infrastructure. The scam utilized 76 mule bank accounts distributed across 15 separate financial institutions, including major lenders ICICI Bank, Axis Bank, and Bank of Baroda. Authorities determined that fraudsters established these accounts using forged identity documents and fake SIM cards, enabling fund routing across multiple states and obscuring the transaction chain. The victim was directed to create an e-wallet on a website branded "Konex VIP 2," which was a cloned interface meticulously designed to mimic legitimate trading platforms but was entirely fraudulent.
The operational mechanics followed a calculated progression designed to maximize fund extraction. Singal began with an initial investment of Rs 1 lakh on May 15, 2025, and subsequently transferred substantial sums including Rs 3.71 crore in June alone. The fake platform displayed inflated returns, falsely showing his investment had appreciated to over USD 4.3 million, thereby incentivizing progressively larger deposits totaling Rs 19.8 crore. When the victim attempted to withdraw purported profits, fraudsters escalated coercive tactics—fabricating regulatory notices, threatening legal action by falsely claiming transaction links to illegal or terror-related activities, and demanding additional payments under the guise of taxes, service charges, and processing fees.
The Punjab Police Cyber Crime Division registered a formal First Information Report (FIR) under multiple sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. Singal has formally requested establishment of a Special Investigation Team (SIT) to conduct comprehensive investigation into the syndicate's operational structure and identify perpetrators. The case underscores escalating sophistication in digital fraud operations targeting high-net-worth individuals and the critical vulnerability of social media-based initial contact vectors combined with spoofed financial platforms.
The perpetrators operated as an organized syndicate employing sophisticated operational infrastructure. The scam utilized 76 mule bank accounts distributed across 15 separate financial institutions, including major lenders ICICI Bank, Axis Bank, and Bank of Baroda. Authorities determined that fraudsters established these accounts using forged identity documents and fake SIM cards, enabling fund routing across multiple states and obscuring the transaction chain. The victim was directed to create an e-wallet on a website branded "Konex VIP 2," which was a cloned interface meticulously designed to mimic legitimate trading platforms but was entirely fraudulent.
The operational mechanics followed a calculated progression designed to maximize fund extraction. Singal began with an initial investment of Rs 1 lakh on May 15, 2025, and subsequently transferred substantial sums including Rs 3.71 crore in June alone. The fake platform displayed inflated returns, falsely showing his investment had appreciated to over USD 4.3 million, thereby incentivizing progressively larger deposits totaling Rs 19.8 crore. When the victim attempted to withdraw purported profits, fraudsters escalated coercive tactics—fabricating regulatory notices, threatening legal action by falsely claiming transaction links to illegal or terror-related activities, and demanding additional payments under the guise of taxes, service charges, and processing fees.
The Punjab Police Cyber Crime Division registered a formal First Information Report (FIR) under multiple sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. Singal has formally requested establishment of a Special Investigation Team (SIT) to conduct comprehensive investigation into the syndicate's operational structure and identify perpetrators. The case underscores escalating sophistication in digital fraud operations targeting high-net-worth individuals and the critical vulnerability of social media-based initial contact vectors combined with spoofed financial platforms.
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