Vardhman Group CEO SP 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 of various government agencies, including the Chief Justice of India (CJI), DY Chandrachud. The carefully planned scam involved forged documents, a virtual courtroom and ruthless intimidation tactics, putting Oswal under “digital arrest” for two days. While the police have successfully recovered more than Rs 5 crore so far, this case ranks as one of the most significant fraud claims in the country.
A sophisticated web of deception
The scam unfolded on August 28 and 29, when Oswal was forced to transfer Rs 7 crore to multiple bank accounts after being convinced that he was a suspect in a money laundering investigation. The industrialist, who narrated his ordeal in an interview with NDTV, described how he was misled into believing that he was under investigation for financial irregularities related to the case against Naresh Goyal, the former chairman of Jet Airways.
The fraudsters, posing 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. They claimed that the account was linked to the ongoing investigation against Goyal and 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 daring parts of the scam, the fraudsters set up a virtual courtroom where a man posing as 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 in various bank accounts.
The level of detail of the fake documents was striking. A fake arrest warrant was served on Oswal, bearing the Enforcement Directorate (ED) monogram and postage stamps of the ED and Mumbai Police. The documents also contain the signature of an alleged ED official named Niraj Kumar. The Supreme Court order sent to Oswal appeared authentic, complete with the court’s emblem, barcode 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 he was a suspect until their investigation was completed. They warned him not to discuss the matter with anyone, citing the National Secrets Act, and threatened him with jail if he did. Under 24-hour video surveillance, the industrialist was told to take his phone everywhere, even when he left his room, so the fraudsters could track his movements.
Posing as investigators, the gang asked Oswal to provide detailed information about his life, including his childhood, education, business ventures and properties. They even had him write a letter requesting a priority investigation, further manipulating him into believing they were trying to protect him from involvement.
“I was overwhelmed by their intimidation and assurance that they would protect me,” Oswal told NDTV. He said the sophisticated nature of the forged documents and the impersonation of senior officials convinced him the investigation was genuine.
Police investigation and arrests
The fraud came to light after Oswal filed a complaint on August 31, after which the police started an investigation. With the help of the Cybercrime Coordination Center under the Union Home Ministry, three accounts related 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-time 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 transfer money for gaming prizes and that he would receive a portion of the proceeds. However, instead of the agreed Rs 2 crore, Rs 9.2 crore was deposited into his account.
Police believe an interstate gang is responsible for the extensive 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 identify the remaining perpetrators.
First publication: Oct 01, 2024 | 4:52 PM IST