Vardhman Group Chairman SP Oswal Duped Of ₹7 Crore By Scammers Impersonating CBI Officials

As cyber fraud cases in the country evolve in every mode day by day, more and more individuals are falling victim to them, in new techniques and tricks used by the fraudsters.

In a recent turn of events, the chairman of Vardhman Group, SP Oswal, was allegedly conned out of Rs 7 crore by a gang posing as officials from the Central Bureau of Investigation (CBI).

This incident has sparked an alarming concerns among individuals about the growing sophistication of cybercriminals.

About the incident

According to PTI, the fraudsters approached Oswal under the guise of CBI officers, and presented him a fake arrest warrant. Later that the gang claimed that he was involved in an investigation and threatened him with online arrest.

This deception led to Oswal transferring an amount of Rs 7 crore, which was withdrawn from various bank accounts associated with the Vardhman Group.

Police Action and Arrests

The Punjab Police arrested the two cybercriminals, identified as Atanoo Choudhary and Anand Kumar Choudhary, both residents of Guwahati, Assam.

The Police also managed to recover Rs 5.25 crore shortly after the incident was reported.

Ludhiana Police Commissioner Kuldeep Singh Chahal announced about the arrests and noted that investigations are ongoing, with seven additional members identified involved in the gang.

According to reports, the arrested individuals are part of a larger inter-state network specialising in duping industrialists and other high-profile individuals.

Apart of this incident, a week earlier, another local businessman named Rajnish Ahuja was also defrauded of Rs 1.01 crore in a similar scheme, added multiple reports.

The Ongoing Investigation

The Punjab Police cyber cell registered the case based on Oswal's complaint and managed to solve it within 48 hours.

Furthermore, it added that efforts are underway to apprehend the remaining suspects, all of whom are believed to hail from Assam and West Bengal.