Businessman duped of around Rs 20 crore in crypto scam; fraudsters used 76 fake bank accounts

A businessman from Ludhiana was allegedly cheated out of Rs 19.84 crore in a massive cryptocurrency investment fraud. An organised gang targeted the victim through social media and communication apps, convincing him to transfer funds through a fraudulent website.

The scammers posed as customer care representatives for a legitimate crypto investment firm, using a fake platform that showed inflated account balances to gain trust. When the victim tried to withdraw funds, the fraudsters demanded extra payments for taxes, service fees, and other levies, and even issued fake Reserve Bank of India notices.

Investigators discovered that the fraud relied on an extensive financial network of 76 fraudulent bank accounts across 15 banks, operated using forged documents and fake SIM cards. A formal complaint was filed at the State Cyber Crime Police Station in Mohali, and the victim requested a Special Investigation Team for a deeper probe.

The accused individuals have been booked under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act. Authorities stated that a detailed investigation is underway to trace the suspects and dismantle the network, while the victim has not recovered any of the lost money.

Not yet reported: The articles do not mention the exact dates when the scam took place or when the police complaint was officially registered.