Indian Business Tycoon Falls Victim to Elaborate Cyber Scam (Rs 7 Crore)

SP Oswal, chairman of the Vardhman Group, was defrauded of Rs 7 crore in a sophisticated cyber scam. Fraudsters impersonated the Chief Justice of India, DY Chandrachud, and tricked Oswal into believing he was attending a fake Supreme Court hearing. Oswal was ordered to deposit the money into a specific account, which was later recovered by the police.

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Indian Business Tycoon Falls Victim

Oswal defrauded by fake court

SP Oswal, Chairman of the Vardhman Group, has reportedly fallen victim to a sophisticated cyber scam where fraudsters orchestrated a fake Supreme Court hearing, complete with an individual impersonating Chief Justice of India, DY Chandrachud. According to a Reuters report, the scammers defrauded Oswal of Rs 7 crores. He was manipulated into attending a fabricated court session regarding a money laundering case and was “ordered” to deposit the funds into a specific account.

According to the report, police successfully recovered the Rs 7 crore swindled from SP Oswal on September 30. Oswal shared with the Indian Express that during the fake Supreme Court hearing conducted via Skype, the fraudsters introduced a person impersonating Justice Chandrachud. Although he couldn’t see the face, he heard the individual speak and bang a gavel.

The fake Supreme Court order appeared so authentic, complete with an official stamp, that Oswal believed it to be real and transferred the money.

Oswal victim of digital arrest scam

According to case documents, Oswal fell victim to the growing ‘digital arrest’ scam, where fraudsters use WhatsApp and Skype video calls to impersonate judges and police officers to extort money. The Indian Cyber Crime Coordination Centre (I4C), operating under the Ministry of Home Affairs, has so far blocked 1,000 Skype IDs involved in these scams.