In one of the most high-value cyber frauds reported in Ludhiana this year, a retired banker was defrauded of ₹4.75 crore in a sophisticated forex trading scam run through fake investment portals and Telegram. The local cyber cell has arrested three individuals in connection with the case, including an employee of IDFC Bank, and investigations are ongoing to track the full extent of the racket.
Scam operated through fake platforms and Telegram alias
The victim, 57-year-old Sanjeev Panthi, was contacted on social media by a woman claiming to be a forex trader. Communication shifted to Telegram under the handle “@199”, where Panthi was encouraged to invest in Admiral Markets Global Ltd.—a fraudulent forex trading platform that promised triple returns.
Drawn in by the prospect of high profits, Panthi opened an account and started investing. The platform showed him fake earnings, including a profit of ₹3.66 crore, to encourage continued deposits. However, every attempt to withdraw the funds was met with demands for further payments under the pretext of taxes or account clearance.
Continued deposits under false assurances
Panthi initially transferred ₹1.44 crore by December 2024 and was later asked to deposit more, including ₹24 lakh for tax clearance. When he tried to withdraw his profits, he was told his account had been frozen due to exceeding a ₹1 crore threshold and was instructed to pay an additional ₹80 lakh.
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Over a span of three months, Panthi transferred a total of ₹3.72 crore across multiple accounts. Combined with his earlier deposits, his total losses amounted to ₹4.75 crore before he realised the fraud and approached the cyber police.
Investigation reveals wider network
The police registered a case at Khanna police station and arrested Bhupinder Singh and Baldev Singh from Chandigarh, along with Gurjant Singh from Satnana village. Technical surveillance helped track the accused, and the IDFC bank employee is suspected of facilitating the laundering of scam proceeds.
Authorities believe more individuals are involved, including operators of the fake forex platform and others managing the money trail. Funds may have been diverted toward personal luxuries, debt repayments, and real estate.
The case highlights the rising trend of digital investment scams in India, prompting the police to urge the public to verify the legitimacy of investment schemes and avoid falling for online offers promising unusually high returns.
