The chairman of Vardhman Group, S.P. Oswal, has fallen victim to Rs 7 crore scam. Oswal was scammed by fraudsters who threatened him with fake Supreme Court orders, claiming that he was at risk of arrest and property seizure. S.P. Oswal is a Padma Bhushan awardee and he leads one of India’s top textile companies named Vardhman Group that operates globally.
The scammers sent him fake warrants and property sealing orders. They threatened him and said that they will spoil his reputation, if he did not comply with it. When Oswal realized that he had been duped, he quickly lodged a complaint in the Ludhiana police station.
The Ludhiana police has arrested 2 people out of 9 involved in the case. These culprits belong to Delhi, Assam and West Bengal. The police have also successfully recovered Rs 5,25,00,600 in the case.
What happened with S.P. Oswal?
According to Oswal’s police complaint, this scam started with a phone call from a fraudster who said that he was from Delhi. This fraud caller stated that an arrest warrant has been issued by the Supreme Court against Oswal. In order to show these fake claims as real, the scammer incorporated the names of government agencies like the ED (Enforcement Directorate), CBI (Central Bureau of Investigation), and Customs Department.
Oswal further shared that, one of the scammers spoke in fluent English with him in a video call. The scammer portrayed himself as a highly educated man. He referred Vardhman Group and Oswal by their names which increased victim’s trust in their fake claims.
Initially Oswal did not believe them but then the scammers sent him fake Supreme Court orders of property seizure and arrest warrants. These fake orders made Oswal eventually believe in them and he fell into their trap.
After Oswal got convinced, the fraudsters demanded Rs 7 crore and promised him that they will resolve the matter and prevent his arrest. In order to save his reputation Oswal transferred the money to the scammers.
Oswal revealed that the scammers had good knowledge of India’s legal system and government agencies. This knowledge made them make their story appear real. They manipulated him by saying they could protect his name and can help him in preventing a public scandal.
The fraudsters also threatened Oswal saying that if he did not cooperate with them then they will execute the arrest warrants which will lead to a major scandal for him and his company.