Vardhman Group Head SP Oswal Duped Of Rs 7 Crore In Cyber Scam, Punjab Police Nabs 2 Suspects

The police also confirmed that Rs 5.25 crore of the stolen funds have already been recovered.

The gang’s modus operandi involved posing as law enforcement officials.

Source : FreePik

Punjab Police has dismantled an inter-state cyber fraud gang that duped renowned industrialist Shri Paul Oswal, the head of Vardhman Group, of Rs 7 crore. The Ludhiana Police, under the leadership of Police Commissioner Kuldeep Singh Chahal, revealed that two key members of the gang have been arrested, and Rs 5.25 crore of the stolen funds has already been recovered. The case is being hailed as a significant achievement in the state’s ongoing battle against cybercrime.

Where Are The Suspects From?

The arrested suspects, identified as Atanoo Choudhary and Anand Kumar Choudhary, both residents of Guwahati in Assam, are part of a larger group of nine fraudsters. The other seven members of the gang have been identified, and the police are making concentrated efforts to apprehend them.

According to police reports, the entire gang hails from Assam and West Bengal and has been operating across state borders, using sophisticated techniques to target high-profile individuals.

How Did The Fraud Take Place?

The gang’s modus operandi involved posing as law enforcement officials. In this particular case, one of the members impersonated a Central Bureau of Investigation (CBI) officer, presenting a counterfeit arrest warrant to Paul Oswal.

The fraudster intimidated Oswal by threatening him with digital arrest, leveraging fear to gain access to his bank accounts. The scammers then siphoned off Rs 7 crore through multiple withdrawals from various accounts linked to the industrialist.

Oswal promptly lodged a complaint with the cybercrime cell of the Ludhiana Police, who wasted no time in launching an investigation. Within 48 hours, the case was cracked, and the two suspects were arrested, leading to the recovery of a significant portion of the stolen funds.

Second Case Within A Week

This case follows a similar incident that occurred earlier in the same week, where another industrialist, Rajnish Ahuja, fell victim to a similar scam. In Ahuja’s case, the fraudsters also presented a fake arrest warrant, threatening him over an alleged extortion amount transferred to his bank account. He was swindled out of Rs 1.01 crore.

With two major cyber fraud cases in such a short span, Punjab Police have intensified efforts to combat the rising threat of digital crime. Commissioner Kuldeep Singh Chahal assured that the police are leaving no stone unturned in their pursuit of justice, with a particular focus on preventing further instances of cyber fraud targeting individuals and businesses.

Authorities are urging the public to stay vigilant and report any suspicious activity, as cybercrime continues to evolve with the increasing use of technology in everyday transactions.