In a shocking cybercrime case, industrialist and Padma Bhushan awardee SP Oswal, chairperson of the $1.1 billion Vardhman Group, was duped of Rs 7 crore by fraudsters masquerading as Central Bureau of Investigation (CBI) officers.
Ludhiana Police on Sunday confirmed the arrest of two suspects from Guwahati, Assam, recovering Rs 5.2 crore of the stolen amount. According to Ludhiana’s police commissioner, Kuldeep Singh Chahal, this case marks the highest monetary recovery in a cybercrime case in India, based on records from the Indian Cyber Crime Coordination Centre under the Ministry of Home Affairs.
The scam was orchestrated by a nine-member gang who convinced Oswal that the CBI had registered a case against him after allegedly finding his Aadhaar linked to a parcel containing fake passports and debit cards that was sent to Malaysia.
The deception began with a phone call from an imposter posing as a CBI officer from Mumbai. The fraudster made a video call to Oswal, dressed in a police uniform, seated in an office with a CBI logo in the background.
The scammers went as far as creating a fake courtroom during the call, where a man posing as Chief Justice of India D.Y. Chandrachud presided over what appeared to be legal proceedings concerning Oswal. The impersonator, acting as the Chief Justice, heard the case and then “issued” an order against Oswal, which was immediately sent to him via WhatsApp.
To further deceive Oswal, the scammer sent a fake “arrest warrant” via WhatsApp. The caller then coerced Oswal into transferring Rs 7 crore to two bank accounts, claiming it was necessary for bail proceedings and that he was under “digital arrest.”
After realizing the scam, the Vardhman Group lodged a formal complaint with the Ludhiana police, who immediately took action to freeze the suspect bank accounts. Despite their swift response, the fraudsters managed to withdraw Rs 1.7 crore before the accounts were locked.
Inspector Jatinder Singh, the station house officer of Ludhiana’s cybercrime unit, revealed that the scammers had Oswal transfer Rs 4 crore into one bank account and the remaining Rs 3 crore in three separate transactions to another account.
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