Vardhaman MD fraud case: Fake CBI officers, SC hearings: How Vardhaman Group head was scammed of Rs 7 crore | Crime News

Vardhaman MD fraud news: It all began with a phone call to SP Oswal, the Chairman and MD of Vardhaman Group, and the scammers posing as CBI officers told him that he has been impilcated in a criminal case over an alleged suspicious parcel linked to his Aadhaar Card. What followed was a series of fake scenarios which ended with the industrialist losing Rs 7 crore in a digital arrest scam.

SP Oswal was put under digital arrest on between August 28-29 during which the scammers made him transfer Rs 7 crore in two bank accounts. (File photo, credit: Getty Images)

Ludhiana: Fake Supreme Court hearings, arrest warrants and conmen posing as CBI and Income Tax Department officers were part of an elaborate digital arrest scam executed by a gang of inter-state fraudsters that led to Vardhaman Group head SP Oswal losing Rs 7 crore.

The gang orchestrated a sophisticated scam involving staged Supreme Court hearings, fake arrest warrants, and digital arrests on August 28-29.

How the Rs 7 crore scam was carried out

According to police, the scheme began with a phone call where the accused informed Oswal that he had been implicated in a criminal case. Police have received around Rs 5 crore of the duped amount and arrested two persons in this connection while a search is on for others.

Posing as a CBI officer, the scammer told Oswal that authorities had intercepted a parcel bound for Malaysia containing 58 counterfeit passports, 16 debit cards, and other suspicious items. They also claimed these materials were linked to Oswal’s Aadhar Card, making him the primary suspect in the case.

The gang took advantage of the fact that Oswal is a renowned businessman and it would severely harm his reputation if the case became public. Hence, they were adamant enough to proceed with their scam and dupe crores of Rupees.

Video call with a CBI officer impersonator

To build credibility, the accused arranged a video call with Oswal, appearing in an office setting with a large CBI logo prominently displayed in the background. They also fabricated a Supreme Court arrest warrant, sending it to Oswal via WhatsApp to heighten the urgency and fear.

The scammer informed Oswal that he would be “digitally arrested,” avoiding any physical intervention or public exposure. He further promised to arrange a lawyer in Mumbai who could facilitate Oswal’s bail.

In return for this assistance, the accused persuaded Oswal to transfer Rs 7 crore to two separate bank accounts, assuring him that the money would be refunded once he was cleared of all charges. However, after discussing the situation with his manager, Oswal began questioning the claims’ legitimacy.

They then approached the police and shockingly found out that they had been the latest victims of a digital arrest scam.

The Cyber Crime Police Station in Ludhiana launched a probe, leading to the arrest of Atanoo Chaudhary and Anand Kumar Chaudhary in Guwahati, Assam. The duo were found to have arranged the bank accounts used to receive the funds, according to the police.

Authorities were able to recover Rs 5.25 crore from the suspects. The investigation also revealed that five additional individuals connected to the case remain at large, police said. The arrested suspects are believed to be part of a larger network involved in similar scams, and efforts are ongoing to identify and apprehend the remaining accomplices.

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