Punjab: A major crypto fraud case has surfaced in the city, in which a local businessman deposited a total of ₹19.84 crore into 76 mule accounts in just eight months. This scam has alarmed the financial sector and crypto investors. According to sources, the businessman deposited his large sums using mule accounts belonging to various individuals. Mule accounts are accounts through which transactions are conducted using other people’s bank accounts or crypto wallets. Such transactions are often used in fraud and money laundering. A preliminary investigation by the police and cyber cell revealed that the businessman used multiple accounts to conceal his crypto transactions.
The total amount reached ₹19.84 crore by depositing small amounts into each account. Investigating officers confirm that this operation was planned and premeditated. A Ludhiana police official stated that due to the seriousness of the matter, immediate action was taken and coordination was established with the relevant banks and crypto platforms. Officials also stated that several other individuals may be involved in the case and are being identified. Experts say that mule accounts are often used to launder money through unknown individuals. This not only impacts fraud victims but also impacts the credibility of financial institutions and crypto platforms.
Local financial advisors have warned investors to conduct thorough due diligence before investing large sums with any unknown individuals or platforms. They stated that crypto investments always carry a high degree of risk, and fraud cases are constantly on the rise. This case has highlighted the need for financial security and monitoring of crypto investments in Ludhiana. Officials are urging investors to be vigilant in their financial activities and immediately report any suspicious transactions to the relevant department. Ultimately, this case highlights the importance of crypto fraud and financial security not only in Ludhiana but across the state. The investigation is now fully underway, and authorities are striving to identify and arrest all individuals involved in the scam.
