 "Vardhman Group CEO S P Oswal")
Vardhman Group CEO S P Oswal. (Photo credit: vardhman.com)
SP Oswal, the 82-year-old chairman and managing director of Vardhman Group, a leading textile manufacturer, was defrauded of Rs 7 crore by a gang posing as officials from various government agencies, including the Chief Justice of India (CJI), DY Chandrachud. The meticulously planned scam involved fake documents, a virtual courtroom, and relentless intimidation tactics, which left Oswal under “digital arrest” for two days. While the police have successfully recovered over Rs 5 crore so far, this case stands as one of the most significant fraud recoveries in the country.
A sophisticated web of deceit
The scam unfolded on August 28 and 29, when Oswal was coerced into transferring Rs 7 crore into multiple bank accounts after being convinced he was a suspect in a money laundering investigation. The industrialist, who recounted his ordeal in an interview with NDTV, described how he was duped into believing he was being investigated for financial irregularities linked to the case against Naresh Goyal, the former chairman of Jet Airways.
The fraudsters, who posed as Central Bureau of Investigation (CBI) officials, told Oswal that an account had been opened in his name, using his Aadhaar details, and had been involved in suspicious transactions. Claiming that the account was tied to the ongoing investigation against Goyal, they manipulated Oswal into believing that his identity had been misused and that he was under investigation.
Fake courtroom, impersonation of CJI Chandrachud
In one of the most audacious parts of the scam, the fraudsters set up a virtual courtroom where a man impersonating CJI DY Chandrachud presided over Oswal’s case. During a video call, the industrialist was shown a fake court order, which he later received via WhatsApp, directing him to deposit Rs 7 crore into different bank accounts.
The level of detail in the fake documents was striking. A false arrest warrant, bearing the Enforcement Directorate (ED) monogram and stamps of the ED and Mumbai Police, was served to Oswal. The documents also included the signature of a supposed ED official named Niraj Kumar. The Supreme Court order sent to Oswal appeared authentic, complete with the court’s emblem, bar code, and digital signature, which closely resembled those used in real court orders.
‘Digital arrest’ and intimidation
The fraudsters placed Oswal under what they called “digital arrest,” claiming that he was a suspect until their investigation concluded. They warned him not to discuss the matter with anyone, citing the National Secrets Act and threatening jail time if he did. The industrialist, under 24-hour video surveillance, was told to carry his phone everywhere, even when leaving his room, so the fraudsters could monitor his movements.
The gang posed as investigators and asked Oswal to provide detailed information about his life, including his childhood, education, business ventures, and property. They even had him write a letter requesting a priority investigation, further manipulating him into believing that they were trying to protect him from being implicated.
“I was overwhelmed by their intimidation and assurance that they were going to protect me,” Oswal told NDTV. He said the sophisticated nature of the fake documents and the impersonation of high-ranking officials convinced him that the investigation was genuine.
Police investigation and arrests
The fraud came to light after Oswal lodged a complaint on August 31, following which the police launched an investigation. With assistance from the cybercrime coordination centre under the Union Home Ministry, three accounts linked to the scam were frozen, leading to the recovery of Rs 5.25 crore.
Two suspects, Atanu Chowdhury and Anand Kumar, were arrested from Guwahati, Assam. Kumar, a small trader, admitted to police that he was lured into the scam by promises of quick money. He said he was told his account would be used to move gaming prize funds and that he would receive a share of the proceeds. However, instead of the agreed Rs 2 crore, Rs 9.2 crore was deposited into his account.
Police believe an inter-state gang is responsible for the elaborate fraud. The alleged mastermind, Rumi Kalita, a former bank employee, remains at large, along with other suspects, including Nimmi Bhattacharya, Alok Rangi, Gulam Murtaza, and Zakir. The investigation is ongoing, and authorities are working to track down the remaining culprits.
First Published: Oct 01 2024 | 4:52 PM IST
