Jagdeep Singhal, a 40-year-old industrialist from Aggar Nagar in Ludhiana, Punjab, India, has reported a loss of nearly ₹20 crore to cyber fraudsters. The Punjab State Cyber Crime Police Station in Mohali confirmed that an FIR has been registered following Singhal's complaint. In May 2022, he was approached by a woman on Facebook who claimed to be an investment advisor. She persuaded him to invest in cryptocurrency trading through a website that mimicked a legitimate exchange. Initially, Singhal transferred ₹1 lakh, but under the influence of fabricated returns and pressure to maintain his investment, he transferred larger sums, totaling approximately ₹19.84 crore by November 2022. The fraudsters delayed his withdrawal requests with various excuses, trapping him in a cycle of payments. The police investigation has revealed that the accused operated using multiple Indian and international mobile numbers and managed around 76 mule bank accounts. Legal action has been initiated under various sections of the Bharatiya Nyaya Sanhita, 2023, and the Information Technology Act, 2000, with efforts ongoing to trace the perpetrators.