Cybercrime Scam Unveiled: Lessons from Vardhman Group Chairman's Ordeal

Vardhman Group Chairman SP Oswal was scammed out of Rs 7 crore by cybercriminals posing as law enforcement. The fraudsters convinced him with claims of being under investigation, prompting him to transfer money. Oswal advises against transferring money and emphasizes the importance of confronting such scams with legal assistance.

In a cautionary tale for individuals and businesses alike, Vardhman Group Chairman SP Oswal's recent experience highlights the sophistication of cybercriminals. Oswal was duped out of Rs 7 crore by an inter-state cybercrime operation with fraudsters posing as investigative officers.

Oswal recounts the ordeal, where scammers used tactics like impersonating law enforcement and inventing fictitious charges, such as money laundering, to extract money. Despite his initial disbelief in having an unnamed account involved in illegal activities, the persuasive manner of the fraudsters led to substantial monetary loss before he realized the trap.

To avoid such scams, Oswal stresses the importance of never transferring money based on phone calls from supposed authorities. He advises consulting a lawyer and meeting possible accusers face-to-face, reinforcing that official agencies rarely conduct business over the phone.

(With inputs from agencies.)