Vigilance Against Cyber Fraud: A Textile Mogul's Cautionary Tale

Vardhman Group Chairman SP Oswal shares his experience after falling victim to a Rs 7 crore cyber scam. Advising caution, he emphasizes never transferring money to cybercriminals and warns against believing in the notion of 'digital custody'. His story highlights the tactics fraudsters use to deceive even seasoned professionals.

In a stark warning to the public, Vardhman Group Chairman SP Oswal, who recently fell victim to a Rs 7 crore cyber fraud, emphasized never transferring money when confronted by cybercriminals. He revealed that investigative agencies do not operate over the phone and cautioned against falling for 'digital custody' scams.

Oswal recounted his unnerving experience, where fraudsters impersonating officials convinced him of a bogus money laundering charge. The criminals used tactics like posing as CBI officers and even planning a fake hearing with India's Supreme Court Chief Justice to con him into transferring funds.

Acting swiftly, Oswal's legal team and the home department managed to freeze the fraudsters' bank accounts, recovering the funds. His advice: always demand a physical meeting with legal presence when dealing with suspicious claims, highlighting the importance of vigilance and quick action in such scenarios.

(With inputs from agencies.)