SP Oswal Duped of Rs 7 Crore by Fake CBI Officers

SP Oswal, the chairman of the Vardhman Group and a prominent textile industrialist, fell victim to a massive cybercrime scam, losing Rs 7 crore to fraudsters who posed as Central Bureau of Investigation (CBI) officers. The criminals falsely accused him of involvement in a money laundering case and threatened him with imminent arrest.

Ludhiana’s Deputy Commissioner of Police (DCP), Jaskiranjit Singh Teja, reported that the cybercriminals contacted Oswal, claiming to have incriminating documents linking him to financial irregularities. They further asserted that the Enforcement Directorate (ED) had already been informed and that Oswal’s arrest was imminent.

The criminals employed sophisticated tactics, including creating a fake CBI office with video calls showing individuals dressed in CBI uniforms, all while conversing fluently in English to build credibility.

To further the illusion, the scammers staged a fake Supreme Court hearing via phone, during which a person pretending to be a lawyer discussed Oswal’s case, reassuring him that efforts were being made on his behalf.

Under the mounting pressure of a possible arrest and legal action, Oswal transferred a total of Rs 7 crore into various bank accounts provided by the criminals. He initially transferred Rs 4 crore, followed by an additional Rs 3 crore in subsequent instalments.

It wasn’t until two days later that Oswal filed a complaint, prompting an investigation by Ludhiana’s cybercrime team. According to DCP Teja, two suspects have been arrested so far, and Rs 5.25 crore has been recovered. However, police are still searching for seven additional suspects involved in the scam.

DCP Teja also urged business owners to remain vigilant against such cybercriminals, warning that further revelations could come to light after the remaining suspects are apprehended. The police suspect that the criminals used fake documents and fabricated allegations of financial misconduct to dupe Oswal.