SP Oswal, Chairman- Vardhman Group, was duped by a gang of inter-state cyber fraudsters for ₹7 crore. The fraudsters impersonated CBI officials and presented a fake arrest warrant to the industrialist. So far, two cybercriminals have been arrested, and ₹5.5 crore has been recovered, according to Punjab Police.

As soon as the complaint was registered, the police launched an investigation and arrested seven criminals from Assam and West Bengal in connection with the fraud so far.

Punjab Police arrested two criminals after busting an inter-state cyber fraud network on Sunday. So far, ₹5.25 crore has been recovered from them, according to Ludhiana Police Commissioner Kuldeep Singh Chahal, as reported by PTI.

Fraudsters approached industrialist Oswal posing as CBI officials and presented a fake arrest warrant, according to the news agency PTI. Later, they cheated him by extorting a hefty amount of ₹7 crores, which was transferred from various bank accounts of the company.

Vardhman Group
Image Source: vardhmandevelopers.co.in

Cyber cell of the police said the complaint was filed within 48 hours of the fraud.

Who Are the Main Accused in the Fraud Case?

Atanoo Choudhary and Anand Choudhary have been identified as the prime accused in the Oswal fraud case. Both reside in Guwahati, Assam, and were found to have links with a large inter-state network of online scammers, according to the police.

The incident occurred a week after another fraud case involving a local industrialist who was cheated by a different group of cybercriminals. Rajnish Ahuja, the local industrialist, was similarly duped for ₹1.01 crore.

So far, the police have made significant progress in both cases, arresting several members of the cyber fraud networks and recovering a substantial portion of the stolen funds.

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