In a dramatic case that feels straight out of a thriller, 82-year-old textile baron SP Oswal, chairman of the Vardhman Group, was swindled out of Rs 7 crore through an elaborate virtual scam. The fraudsters, posing as federal investigators, accused him of money laundering and staged a fake Supreme Court hearing over Skype, complete with an impersonator of Chief Justice DY Chandrachud. Oswal was coerced into transferring his funds to a "secret supervision account" under the threat of immediate arrest.
The Punjab Police reported that this scam is part of a growing trend in India known as "digital arrests," where scammers impersonate authorities to extort money. In May, the government flagged a surge in these cases, with over 1,000 fraudulent Skype IDs being blocked.
Thankfully, authorities have made progress, arresting two individuals involved in the scam and recovering Rs 5.25 crore of the stolen amount, marking a significant breakthrough in the fight against such sophisticated fraud.
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