In a shocking incident that underscores the growing sophistication of online fraudsters, a prominent Indian textile magnate has been duped out of a substantial sum. S.P. Oswal, the 82-year-old chairman of the Vardhman Group, was targeted in an elaborate scam that involved a fake online hearing before India’s Supreme Court.
The fraudsters, posing as federal investigators, approached Oswal, claiming he was a suspect in a money laundering case. They then organised a virtual court hearing where an individual impersonated the Chief Justice of India, D.Y. Chandrachud. The imposter ordered Oswal to deposit his funds into a designated account as part of the investigation.
The scam, which involved a Skype call and threats of imprisonment, is believed to be the first of its kind in India. Police authorities have arrested two individuals in connection with the case and recovered a significant portion of the stolen funds.
This incident highlights the increasing vulnerability of even high-profile individuals to online scams. The Vardhman Group, a leading textile company with a global presence, is one of the latest victims of these sophisticated fraudsters. As digital technology continues to advance, it is crucial for individuals and businesses to remain vigilant and aware of the latest tactics employed by cybercriminals.
