48 Hours of Panic, 7 Crore Lost: The Industry-Shocking Scam
48 Hours of Panic, 7 Crore Lost: The Industry-Shocking Scam
A crucial offender has been caught again by Ludhiana Police, some nine months after one of India’s most well-known businesspeople was tricked in a massive cyber scam. The case concerns 82-year-old SP Oswal, a Padma Bhushan recipient and the chairman of theVardhman Group in Ludhiana, who lost 7 crore rupees to a group posing as CBI agents.
The Development of Cyber Fraud
Fraudsters posing as representatives of the Central Bureau of Investigation (CBI) contacted SP Oswal in August of last year. They said a package his company delivered to Malaysia was intercepted in Mumbai and purportedly contained 16 ATM cards and 58 passports. By pretending that the Supreme Court had issued arrest warrants against Oswal, the con artists intensified the threat and incited a sense of urgency and terror.
The scammers stepped up their tactics after Oswal denied any connection. They threatened legal action, displayed fictitious arrest orders, and performed a Skype video conversation while posing as CBI officers. They placed Oswal under digital arrest for 48 hours and told him not to speak to anyone. Under tremendous pressure, Oswal made three separate transactions of one crore each and four crore in one go to bank accounts run by the scammers, totaling seven crore rupees.
Police Investigation and Arrests
Authorities began a multi-state investigation under sections of the Bharatiya Nyaya Sanhita and Information Technology Act after a formal complaint was filed at the Ludhiana Cyber Crime Police Station on August 31 under sections 308(2), 319(2), 318(4), 351(2), 61(2) of the Bharatiya Nyaya Sanhita (BNS) and sections 66-C and 66-D of the IT Act. Atnu Chaudhary, a major suspect, was detained in September but subsequently broke the terms of his bail. The Punjab and Haryana High Court denied his request for anticipatory relief following police submissions.
Chaudhary and another suspect, Anand Kumar, were recently taken into custody again by the Ludhiana Police in Guwahati, Assam. The cyber fraud, which involved extortion through digital intimidation and impersonation, is thought to have been masterminded by both.
Eight additional suspects have been named by the police, the most of whom are from Assam and West Bengal.
Those who are still at large consist of:
- NimmiBhattacharjee – Guwahati
- AlokRangi – Malda, West Bengal
- GulamMortaza – Malda, West Bengal
- Sanjay Sutradhar – Hazarapur, Assam
- Rintu – Nalwari, Assam
- Rumi Kalita – Guwahati, Assam
- Zakir – Location undisclosed
According to police, the group operates in multiple states and is a “well-oiled interstate cyber fraud gang.”
Biggest Recovery in India’s Cyber Crime History
5.25 crore rupees were successfully retrieved by police from accounts connected to the defendant and transferred back to Oswal’s bank account. The Indian Cyber Crime Coordination Centre (I4C) claims that this is the biggest recovery in the country’s history of cybercrime.
Eight additional suspects, mostly from West Bengal and Assam, have been found through investigations and are still at large. The group is described by the authorities as a “well-oiled interstate cyber fraud gang” that operates across states with a high level of organization.
Who is SP Oswal?
The chairman of the Vardhman Group, India’s biggest vertically integrated textile producer with a yearly revenue of over $1 billion, is SP Oswal, a Padma Bhushan recipient.
This case demonstrates how even well-known people may become victims of complex online frauds that use psychological manipulation, impersonation, and phony court documents. However, police were able to track down the accused and retrieve a sizable amount of the stolen money because of strong digital forensics and efficient interstate coordination. In the fight against digital crimes, it also highlights the significance of heightened cyber awareness and concerted law enforcement actions.
Questions to Consider
- If a veteran businessman can be targeted, how safe are average citizens?
- Are banks and telecom providers doing enough to stop such scams?
- Should video calls from unknown sources be treated as potential threats?
About The Author:
YogeshNaager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.
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