Mohali, April 22 -- A Ludhiana-based industrialist lost nearly Rs.20 crore to cyber fraudsters, the Punjab State Cyber Crime Police Station, Mohali, stated on Tuesday. An FIR has been registered and an investigation initiated, officials said. Complainant Jagdeep Singhal, 40, a resident of Aggar Nagar in Ludhiana, stated that a woman, posing herself as an investment advisor, contacted him through Facebook in May last year. He said she convinced him to invest in cryptocurrency trading through a website resembling a well-known exchange. He was instructed to create an e-wallet on the platform and transfer funds into specified bank accounts for the purchase of digital currency. He transferred Rs.1 lakh initially. Within weeks, he was persuaded to make further investments, transferring Rs.3.71 crore between May and June into multiple third-party accounts. The platform displayed inflated returns and showed a growing balance, reinforcing his confidence in the scheme. Whenever he attempted to withdraw his funds, the accused allegedly demanded additional payments under various pretexts. Acting under pressure and fearing loss of his initial investment, Singal continued to transfer large sums, the complaint mentioned. Till November, he had paid Rs.4.75 crore, Rs.3.89 crore, Rs.2.10 crore and Rs.6.38 crore in separate transactions, bringing the total amount to approximately Rs.19.84 crore. Investigators said the accused new reasons to delay withdrawals, trapping the victim in a cycle of payments, the complainant stated. Officials said the accused used multiple Indian and international mobile numbers, including WhatsApp contacts, and operated around 76 mule bank accounts. An FIR under Sections 318(4) (cheating), 336(3) (forgery) and 61(2) (criminal conspiracy) of the BNS, and Section 66D (cheating by personation) of the Information Technology Act, 2000 has been registered....