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Vardhman Group chairperson, SP Oswal, one of India’s largest textile conglomerates, became the latest high-profile victim of cyber fraud, losing ₹7 crore in an elaborate scam. The incident has shocked the business community and highlighted the growing threat of cybercrime, even against the most affluent and security-conscious individuals. Authorities have since arrested two suspects in connection with the case, marking a significant development in one of the largest cybercrime-related seizures in Indian history.
The Cyber Fraud Scheme
According to the Ludhiana Police, the scam began with a phone call to Oswal from individuals posing as officials from the Central Bureau of Investigation (CBI). The fraudsters convinced Oswal that his Aadhaar number had been misused in a case involving fake passports and financial fraud. The call escalated when the fraudsters conducted a video call, wearing police uniforms and using a background displaying the CBI logo to further legitimize their claims.
As the scheme progressed, the scammers sent Oswal a fake arrest warrant, allegedly issued by the Supreme Court of India. They warned Oswal that he was under “digital arrest” and pressured him to act quickly to avoid jail time. The fraudsters stated that ₹7 crore would be required for his bail and legal proceedings, convincing him to transfer the amount in a series of transactions.
A Targeted Attack on an Industrialist
S.P. Oswal, a Padma Bhushan awardee, is the head of the Vardhman Group, a billion-dollar enterprise in the textile industry. His stature in the business world made him a prime target for the fraudsters, who capitalized on his concern over his identity being misused for illegal purposes. Given the sophisticated nature of the attack, the criminals had clearly studied their target well, employing a mix of psychological pressure and fake legal documentation to instill fear and urgency.
Inspector Jatinder Singh, leading the cybercrime investigation, explained that the fraudsters instructed Oswal to transfer ₹4 crore to one account and ₹3 crore to another in a series of three transactions. By the time Oswal realized that he had been duped, the scammers had already managed to withdraw ₹1.7 crore before authorities could intervene.
The Police Investigation and Quick Response
The Ludhiana police acted swiftly after Oswal’s team filed a complaint about the scam. Upon receiving the complaint, Ludhiana Police Commissioner Kuldeep Singh Chahal mobilized a team to investigate the case. The police quickly identified the accounts into which the funds had been transferred and took steps to freeze them.
The investigation led police to Guwahati, where two suspects believed to be part of a larger cybercrime network were arrested. The police managed to recover ₹5.2 crore of the stolen funds, making it one of the highest sums ever seized in a cybercrime case in India. “This is one of the biggest cybercrime fraud recoveries we have seen, and we’re continuing to trace other members of the criminal network,” said Inspector Singh.
Despite their efforts, the suspects managed to withdraw ₹1.7 crore before the accounts were frozen. Nevertheless, police have returned the ₹5.2 crore to Oswal, easing the financial blow somewhat.
The Arrest of Suspects and Ongoing Investigation
Two suspects, hailing from Assam and Bengal, were apprehended following the investigation. Authorities believe that these individuals are part of a more extensive, organized crime network targeting wealthy individuals across the country. While these arrests are a significant breakthrough, police are continuing to work on dismantling the larger operation.
The scammers behind the fraud were highly methodical, taking advantage of emerging technologies and social engineering tactics to carry out the scheme. By using a combination of video calls, fake documentation, and forged legal proceedings, the fraudsters were able to deceive even a seasoned businessman like Oswal.
Rising Threat of Cybercrime
This incident serves as a stark reminder of the rising threat of cybercrime in India, where digital scams are becoming increasingly sophisticated. With the increased use of online platforms for banking, identification, and communication, fraudsters are finding new ways to exploit individuals and companies alike. While cybercrime units across the country have been stepping up efforts to combat this growing menace, cases like that of SP Oswal highlight the challenges faced by law enforcement.
The Ludhiana police have urged the public to remain vigilant against such scams, emphasizing the importance of verifying any claims of legal or financial action. Police Commissioner Kuldeep Singh Chahal advised citizens to contact the police directly in case they receive suspicious calls from individuals claiming to be officials.
The case of S.P. Oswal’s ₹7 crore cyber fraud is a high-profile reminder that no one is immune to the growing threat of online scams. Thanks to the swift action of the Ludhiana police, the majority of the funds were recovered, but the case highlights the need for continued vigilance and stronger cybersecurity measures to prevent similar incidents in the future. With the investigation still ongoing, authorities hope to uncover more members of this criminal network and bring them to justice.
