The police on Thursday said the Rs 20-crore crypto fraud targeting a Ludhiana industrialist was the result of “pig butchering” — a scam that combines psychological manipulation with fraudulent virtual currency schemes.The police said in such cases, scammers built fake romantic or social relationships with victims online to convince them to invest in fraudulent crypto schemes. They said before conning the victims, the accused spend over weeks or months to win the trust. According to sources, con woman “Anamika Roy”, which investigators suspect was a fake identity, was in constant touch with the industrialist Jagdeep Singhal 2025 April and snapped ties around December after conning him of Rs 19.8 crore. It is also being probed what led the industrialist wait for nearly four months to approach the police.Roy, who is believed to have played a key part in luring a Ludhiana-based businessman into a multi-crore cryptocurrency scam through and alleged “honeytrap” strategy, contacted Singhal, a known figure in Ludhiana’s industrial and social circle, via Facebook. “The woman laid the perfect pig butchering trap,” said a police officer. She began a casual online interaction and consistent engagement to win Singhal’s trust.The authorities say once trust was established, Roy introduced the businessman to cryptocurrency investments, claiming access to lucrative opportunities on an international trading platform. She reportedly portrayed herself as financially savvy and claimed that her uncle was well-connected in crypto markets, convincing the victim that he could earn high returns with minimal risk.The woman remained a constant point of contact, reassuring Singhal about the safety of his investments and encouraging larger deposits. The police believe Roy’s role was crucial in maintaining psychological influence over the victim, especially during moments of hesitation.Singhal said the accused had even created a fake RBI-Income Tax document certifying that he was making legitimate investment. Even the digital platform www.coinex-vip2.com turned out to be fake.