🇮🇳 India's first community scam intelligence platform — search before you trust⚡ UPI Fraud? File a report in 60 seconds and protect others📞 Cybercrime Helpline 1930 — free, 24×7, available across all states🛡️ Your report is anonymous — speak up, keep India safe🏛️ Know your rights — explore Citizen Ethics from birth to death🔍 86,420 cybercrime cases were registered in India in 2023 (NCRB)🇮🇳 India's cybercrime cases are nearly 9× higher than in 2014 (NCRB)🇮🇳 3,82,632 cybercrime cases registered in India from 2014 to 2023 (NCRB, via MHA)📞 ₹7,130 crore+ saved in 23.02 lakh+ cyber-fraud complaints through India's helpline system (I4C, MHA)🇮🇳 India's first community scam intelligence platform — search before you trust⚡ UPI Fraud? File a report in 60 seconds and protect others📞 Cybercrime Helpline 1930 — free, 24×7, available across all states🛡️ Your report is anonymous — speak up, keep India safe🏛️ Know your rights — explore Citizen Ethics from birth to death🔍 86,420 cybercrime cases were registered in India in 2023 (NCRB)🇮🇳 India's cybercrime cases are nearly 9× higher than in 2014 (NCRB)🇮🇳 3,82,632 cybercrime cases registered in India from 2014 to 2023 (NCRB, via MHA)📞 ₹7,130 crore+ saved in 23.02 lakh+ cyber-fraud complaints through India's helpline system (I4C, MHA)

Report Scams

For a Better India

Updating protected services for a safer Bharat. Jai Hind.

Ludhiana industrialist duped of Rs 20 crore in crypto…

← Back to live cases

activeCrypto / Investment FraudPunjab

Ludhiana industrialist duped of Rs 20 crore in crypto scam; Punjab Police launch probe

A prominent industrialist from Ludhiana was allegedly defrauded of nearly Rs 20 crore in a cryptocurrency investment scam, making it one of the largest cyber frauds reported in Punjab. The victim was targeted through social media and messaging applications by individuals posing as investment representatives and customer support personnel for a cryptocurrency exchange.

State

Punjab

First reported

April 2026

Agency involved

Cyber Crime Division of the Punjab Police

Arrests

None reported in this specific case

Charges or sections cited

Sections 318, 336, 61(2) of the BNS and Section 66D of the IT Act

Status

Under investigation by Punjab Police

The full story

Everything you need to know about this case, in one place.

The perpetrators directed the victim to a fraudulent trading website that displayed fabricated returns to encourage larger deposits. After inducing the initial investments, the syndicate allegedly demanded additional funds under the guise of tax liabilities and clearance charges. The Cyber Crime Division of the Punjab Police registered a case and launched a detailed investigation into the organised network.

Investigators discovered that the syndicate used dozens of forged bank accounts across multiple states and banks to route the stolen money. Authorities are attempting to trace the beneficiaries and the individuals operating the fake digital identities, with further arrests anticipated as the probe continues.

Not yet reported: The exact identities of the accused syndicate members and whether any funds have been successfully recovered remain unreported.

Where the case stands

The latest position in the reports we read.

The Punjab Police have registered a case and initiated an active probe to trace the accused and beneficiaries.

Who was affected

Described in general terms; we do not name victims.

A leading industrialist based in Ludhiana, Punjab.

Timeline

Key dates as reported, oldest first.

May 15, 2025The victim made an initial investment of Rs 1 lakh on the fraudulent platform.

June 2025The victim transferred substantial sums, including Rs 3.71 crore, into various bank accounts.

Recent (reported April 2026)The Cyber Crime Division of the Punjab Police registered a case and initiated a detailed probe into the Rs 20 crore crypto fraud.

How the scam worked

The method described in the reports.

Contact was initially established via Facebook by a woman posing as an investor named Anamika Roy to build trust.
The victim was shifted to WhatsApp and introduced to other syndicate members posing as customer support for a platform called Coinex.
The victim was persuaded to invest money through a fraudulent website designed to mimic a legitimate crypto trading platform.
The fake platform showed inflated returns in an e-wallet to encourage the victim to deposit larger sums.
The fraudsters demanded additional payments under pretexts such as taxes and green channel charges before cutting off access.

Targeted by something similar?

Call 1930 (free, 24x7) straight away, then file at cybercrime.gov.in. Money reported in the first hours is far easier to freeze.

Report it on Report Scams Emergency guide How these scams work

Keep reading

More cases like this one.

Ex-serviceman, engineer held in Rs 21.05 crore crypto investment scamCrypto / Investment Fraud · Multiple States Vizag police bust nine-member gang allegedly involved in loan app fraud, seize ₹60 lakh worth cryptocurrencyCrypto / Investment Fraud · Multiple States Rs 146cr HashPe crypto fraud case: ED arrests two absconding Coimbatore menCrypto / Investment Fraud · Tamil Nadu Agra Government Official Duped Of ₹2.06 Crore In Crypto Investment ScamCrypto / Investment Fraud · Uttar Pradesh

Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

tribuneindia.comOriginal report tribuneindia.comOpens via Google News Punjab: Major cyber scam reported as Ludhiana-based industrialist loses Rs 20 crore - News On AIRNews On AIR · 23 May 2026

Prepared by Report Scams, with the help of AI, from the published reports listed above. Check those reports for the latest. Cases here describe allegations. An FIR, arrest or charge is not a finding of guilt. To report a mistake, or to ask for a correction or removal, write to our Grievance Officer. See also the Safe Posting policy.