Posing as CBI officials, fake court hearing: How cybercriminals duped SP Oswal

Textile baron SP Oswal, chairman of Vardhman Group, was swindled out of Rs 7 crore by fraudsters impersonating Central Bureau of Investigation (CBI) officers. The accused also staged a fake court hearing to add “authenticity” to their claims.
According to Ludhiana’s Deputy Commissioner of Police (DCP) Jaskiranjit Singh Teja, the cybercriminals contacted Oswal, claiming to have incriminating documents related to a money laundering case involving him. They threatened him with imminent arrest, alleging that the Enforcement Directorate (ED) had already been informed.
The fraudsters, using advanced tactics, created a fake CBI office setup, complete with video calls featuring people in CBI uniforms, and spoke fluent English to add authenticity to their scam.
Following this, the criminals staged a fake Supreme Court hearing over the phone. A person impersonating a lawyer was heard presenting Oswal’s case, taking his name, and reassuring him that efforts were being made on his behalf.
Under the immense pressure of potential arrest and legal action, Oswal transferred a total of Rs 7 crore to different bank accounts provided by the fraudsters in instalments — Rs 4 crore initially, followed by another Rs 3 crore.
It was only two days later that a complaint was lodged, prompting Ludhiana’s cybercrime team to start an investigation.
Ludhiana’s Deputy Commissioner of Police said that two suspects have been arrested and Rs 5.25 crore has been recovered from them. The police are still on the hunt for seven additional suspects.
DCP Teja advised business owners to remain vigilant, warning against cybercriminals. He emphasised that more revelations could emerge following the arrest of the remaining suspects. The police suspect the criminals used fake documents and references to falsely accuse Oswal of financial irregularities to carry out the fraud.