Vardhman Chief duped of 7 cr

In a chilling reminder of the growing sophistication of cybercrime, Mr SP Oswal, chairman of the Vardhman Group, was duped out of Rs 7 crore by a gang of cyber fraudsters.

The scam, which spanned several days, involved impersonating top government officials, staging a fake Supreme Court hearing, and holding Oswal under “digital custody” via Skype.

On August 27, the fraudsters took Oswal into what they termed “digital custody,” subjecting him to constant monitoring through a Skype account they set up for him. According to Oswal, the fraudsters staged an elaborate fake Supreme Court hearing via Skype. During the hearing, a person impersonating Chief Justice of India D Y Chandrachud allegedly passed an order directing Oswal to transfer Rs 7 crore to a Secret Supervision Account (SSA).

The scammers made fake documents. These included a fake court order and a fake arrest warrant. This tricked Mr. Oswal into thinking the situation was serious. For two days, Mr. Oswal was watched online. He couldn’t sleep well because of the constant monitoring.

On August 29, Oswal began feeling unwell and had to leave his home for a hospital visit. This is when, he confided in his senior colleague, Vikas Kumar, who immediately identified the situation as fraud.

Following Oswal’s report, Ludhiana police launched an investigation, leading to the arrest of two suspects from Assam. Seven other individuals involved in the scam have been identified, and authorities are actively pursuing their capture. A total of Rs 5.25 crore has been recovered from the bank accounts used in the fraud.

This case underscores the escalating sophistication of cybercriminals, who are now using advanced technology and impersonation tactics to deceive even the most seasoned individuals. As cyber fraud becomes more prevalent, it is essential for both individuals and businesses to remain vigilant and adopt proactive measures to safeguard against these deceptive schemes.