Pig butchering? How trust turned into a Rs 19.8 crore crypto fraud targeting Ludhiana industrialist

Summary

A mid-aged industrialist from Ludhiana became a target of a crypto fraud that resulted in a loss of Rs 19.8 crore. The fraud involved a "pig butchering" scam, where the victim was lured through a relationship of trust developed online. The scammer, posing as a potential romantic partner, gradually gained the victim’s confidence before introducing investment opportunities in cryptocurrency. As the victim continued to invest, the scammer eventually cut off contact after siphoning a significant amount of funds. The victim only realized the deception after being unable to access the promised returns or contact the scammer.