Vardhman Group CEO SP Oswal Duped of Rs 7 Crore by Cyber Criminals, 2 Arrested

Ludhiana: In a shocking case of cyber fraud, prominent industrialist Paul Oswal, the owner of Vardhman Group, was swindled out of Rs 7 crore by a gang of inter-state fraudsters. 

The scam involved fraudsters withdrawing the large sum from various bank accounts belonging to Oswal. The gang managed to deceive him by having one member pose as a CBI officer, showing him a fake arrest warrant and threatening him with digital arrest.

The cyber cell of the police registered the case on the complaint of Oswal and said it solved the case within 48 hours.

Ludhiana Police swiftly responded to the incident, arresting two members of the gang and recovering Rs 5.25 crore of the stolen funds. 

Ludhiana Police Commissioner Kuldeep Singh Chahal confirmed that the arrested criminals, Atanoo Choudhary and Anand Kumar Choudhary, hail from Guwahati, Assam . The police have identified seven other members of the gang, who are from Assam and West Bengal, and are currently working to apprehend them.

This incident comes just days after another Ludhiana industrialist, Rajnish Ahuja, was defrauded of Rs 1.01 crore by a similar scam involving threats of arrest.