A major cyber fraud case in Ludhiana has shocked the business community after a prominent industrialist reportedly lost nearly Rs 19.84 crore in a sophisticated cryptocurrency scam. Police say the fraud began with a simple social media connection and gradually turned into a large financial trap.
Investigating officers believe the entire operation was carefully planned by a cybercrime syndicate using a fake online identity to gain the victim’s trust over many months.
As per police sources, the businessman, who has been identified as Jagdeep Singla, first connected with a woman using the name “Anamika Roy” on Facebook. What started as a routine online interaction soon developed into regular conversations. Over time, the woman built rapport with the businessman through friendly discussions and projected herself as someone experienced in cryptocurrency trading.
Investigating officers say this method reflects a typical online honeytrap strategy often used in cyber frauds. By creating emotional comfort and personal trust, scammers slowly influence victims into making financial decisions they might normally avoid.
As their interactions continued, the woman allegedly introduced the victim to cryptocurrency investments. She claimed to have access to high-return opportunities through an international trading platform and assured him of quick profits in a short time. She presented herself as financially knowledgeable and well-connected in the crypto market, which strengthened the businessman’s confidence in her guidance.
Acting on her advice, the victim registered on a platform called Konex VIP 2. The website appeared professional and authentic at first glance. It showed trading charts, account balances and investment dashboards similar to legitimate cryptocurrency platforms. However, investigators later found that the site was a cloned and fraudulent platform designed solely to mislead investors.
The victim initially invested a small amount to test the system. When the platform started showing large profits on his dashboard, his confidence increased. Encouraged by the apparent returns and repeated reassurances from the woman, he continued transferring larger sums of money.
Police investigations reveal that the businessman made his first investment on May 15, 2025, starting with Rs 1 lakh. Over the following months, he transferred funds to multiple bank accounts provided by the alleged platform operators. Meanwhile, the fake platform kept displaying increasing profits, creating the illusion that his investments were growing rapidly.
Authorities say these profits were completely fabricated. The figures shown on the website were controlled by the scammers to create a false impression of successful trading activity. Believing the gains were real, the businessman continued investing more money.
By the time the fraud was uncovered, the victim had transferred a total of Rs 19.84 crore. Investigating officers found that the money was routed through 76 mule bank accounts linked to 15 banks across different states. This layered financial network helped the fraudsters move funds quickly and avoid early detection.
Police officials say the person operating under the name Anamika Roy played a key role in maintaining the victim’s confidence. Whenever doubts arose, she allegedly reassured him and encouraged continued investment. At times, she directed him to speak with so-called customer care representatives of the website, who investigators believe were also part of the same fraud network.
The victim reportedly became suspicious when he attempted to withdraw his funds. Instead of processing the withdrawal, the fraudsters demanded additional payments, claiming they were required for taxes, verification and processing charges. When repeated payments failed to release the money, he realised he had fallen victim to a large-scale cyber fraud.
An FIR registered in the case describes the operation as a highly organised cybercrime network using fake identities, multiple SIM cards and numerous bank accounts. Investigators say the accused created a convincing digital ecosystem to sustain the scam and maintain the victim’s trust for months.
Punjab Police are now tracking the financial trail and working to identify those involved in the operation. Investigators are also trying to determine whether the identity of Anamika Roy belongs to a real individual or was entirely fabricated by the cybercrime syndicate.
Officials say the case ranks among the biggest cyber frauds reported in Punjab in recent years and highlights the growing risks posed by social media-based investment scams. Cybercrime experts warn that criminals are increasingly combining emotional manipulation with fake investment platforms to target businessmen and professionals.
Authorities have urged the public to remain cautious while interacting with unknown persons online, particularly when discussions shift toward investment opportunities or money transfers. Experts advise investors to verify platforms independently, noting that genuine financial services never demand repeated payments to enable withdrawals.
The incident once again shows how trust formed through social media interactions can be exploited by organised cybercriminals, turning an online friendship into a devastating financial loss.
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