A day after registering a case, the Cyber Crime Division of the Punjab Police has initiated a detailed probe into a massive cryptocurrency fraud in which a Ludhiana-based industrialist was allegedly duped of nearly Rs 20 crore.It has come to light that the accused used a similar modus operandi by which they had duped Inspector General (IG) Amar Singh Chahal of Rs 8.10 crore in December last year.It included a fake website of a trusted trading platform and a bogus digital dashboard displaying daily trades and huge returns, creating undue urgency to extract more money within a few months on the pretext of tax-saving schemes.As per the details given in the FIR, a copy of which is with The Tribune, industrialist Jagdeep Singal was duped of Rs 19,84,30,000, and the money was sent in 76 forged accounts in 15 banks between May 15, 2025, and November 20, 2025.Interestingly, between November 17 and 20, Jagdeep submitted over Rs 5 crore into these bank accounts. Investigations have revealed that the accused routed the money through at least 76 mule bank accounts across Delhi, Mumbai, Maharashtra, Gujarat, Punjab and Bengaluru.These accounts were opened in around 15 separate banks, including IDFC, ICICI Bank, Bank of Baroda, Axis Bank, and Bandhan Bank, among others.The break-up of money transferred into the banks shows the widespread network of mule accounts established by the accused. In IDFC Bank (19 accounts), Rs 5,14,50,000 was transferred, while in ICICI Bank (15 accounts), Rs 5,23,80,000 was submitted by Jagdeep. Bank of Baroda (13 accounts), Rs 3,39,00,000; Axis Bank (8 accounts), Rs 1,88,00,000; Bandhan Bank (8 accounts), Rs 1,17,00,000; Indian Bank (2 accounts), Rs 60,00,000; AU Small Finance Bank (2 accounts), Rs 45,00,000; Yes Bank (2 accounts), Rs 40,00,000; Bank of Maharashtra (1 account), Rs 50,00,000; HDFC Bank (1 account), Rs 30,00,000; Ujjivan Bank (1 account), Rs 30,00,000; Catholic Syrian Bank (1 account), Rs 16,00,000; Kotak Mahindra Bank (1 account), Rs 15,00,000; Utkarsh Small Finance Bank (1 account), Rs 15,00,000; and IDBI Bank (1 account), Rs 1,00,000.Police said the accused also used multiple fake SIM cards to execute the fraud and later demanded additional payments under various pretexts, including tax liabilities and “green channel” charges, extracting crores more from the victim. Authorities described it as one of the biggest cyber scams reported in the state so far.According to the FIR, the fraud involved an organized syndicate operating through fake digital identities, spoofed online platforms, and dozens of mule bank accounts spread across multiple states. The complainant was allegedly lured through Facebook and later contacted via WhatsApp by fraudsters posing as customer care representatives of a cryptocurrency exchange.A woman identifying herself as “Anamika Roy” initially established contact and built trust through friendly interactions before introducing investment opportunities in cryptocurrency. Police said the victim began investing on May 15, 2025, with an initial amount of Rs 1 lakh.Over time, he transferred substantial sums, 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, prompting him to deposit more funds. In his statement, the complainant Jagdeep said that being a senior citizen and lacking advanced technical knowledge, he could not immediately recognize that the website was fraudulent and merely a counterfeit imitation of a legitimate cryptocurrency exchange.“It later became evident that the figures displayed were entirely fictitious and deliberately fabricated to mislead me into believing that my funds were secure and actively invested.This deceptive display created a false sense of legitimacy and induced me into making further transfers,” he told the police. He added that in reality, the website was a fraudulent replica, and the funds transferred were being siphoned off rather than credited to any genuine e-wallet.