Textile baron SP Oswal, chairman of the Vardhman Group, was embezzled Rs 7 crore by fraudsters posing as Central Bureau of Investigation (CBI) officials. The defendants also held a mock hearing to add “authenticity” to their claims.
According to Ludhiana Deputy Commissioner of Police (DCP) Jaskiranjit Singh Teja, cybercriminals contacted Oswal, claiming that they have incriminating documents related to a money laundering case involving him. They threatened him that they will be arrested soon, saying that the Enforcement Directorate (ED) has already been informed.
Fraudsters, using sophisticated techniques, created a fake CBI office setup, complete with video calls with people in CBI uniforms, and speaking plain English to add authenticity to their scam.
After this, the criminals listened to the fake Supreme Court over the phone. A person pretending to be a lawyer was heard presenting Oswal’s case, taking his name, assuring him that efforts are being made on his behalf.
Under intense pressure of arrest and legal action, Oswal transferred a sum of Rs 7 crore to different bank accounts given to the fraudsters in installments – Rs 4 crore initially, followed by another Rs 3 crore.
Only two days passed before the complaint was filed, prompting Ludhiana’s cyber crime team to start an investigation.
Ludhiana Deputy Commissioner of Police said that two suspects have been arrested and Rs 5.25 million has been recovered from them. Police are still looking for seven more suspects.
DCP Teja advised business owners to remain vigilant, warning against cybercriminals. He emphasized that other things may emerge following the arrest of the remaining suspects. Police suspect that the criminals used fake documents and references to falsely accuse Oswal of financial irregularities to carry out the fraud.
(Input by Vivek Dhall)