Ludhiana: How $1-billion Vardhman Group's SP Oswal lost Rs 7 crore in online scam
S P Oswal, chairperson of the Vardhman Group and a Padma Bhushan awardee, fell victim to a cyber fraud scheme that cost him ₹7 crore. The Ludhiana Police reported that two suspects from Assam and Bengal were arrested after the incident, and ₹5.2 crore was recovered from them. This case marks one of the largest seizures in India's cybercrime history.
The Fraudulent Scheme
Investigators revealed that the fraudsters posed as members of a Central Bureau of Investigation (CBI) team. They contacted Oswal, claiming his Aadhaar had been misused in a case involving fake passports and financial fraud. The deception began with a phone call from someone claiming to be a CBI officer in Mumbai. The imposter conducted a video call in a police uniform, using a background that displayed the CBI logo.
The fraud escalated when the caller sent Oswal a fake «arrest warrant» via WhatsApp, allegedly authorized by the Supreme Court. He convinced Oswal to transfer ₹7 crore to facilitate bail proceedings, claiming he was under "digital arrest."
Police Response
Upon realizing the scam, Oswal's team filed a complaint with the Ludhiana police. Police Commissioner Kuldeep Singh Chahal confirmed that they acted quickly to freeze the accounts involved in the fraud. Inspector Jatinder Singh from the Ludhiana cybercrime police station stated that the suspects had instructed Oswal to transfer ₹4 crore to one account and ₹3 crore in three transactions to another.
Despite efforts to freeze the accounts, the suspects managed to withdraw ₹1.7 crore
