Vardhman Group Chairman SP Oswal Cyber Fraud: Punjab Police on Sunday busted a gang of inter-state cyber fraudsters for duping textile tycoon & industrialist Shri Paul Oswal aka SP Oswal for Rs 7 Crore. Ludhiana Police Commissioner Kuldeep Singh Chahal stated that two cybercriminals have been arrested and Rs 5.25 crore have been recovered from them. Ludhiana Police are currently conducting raids to nab the remaining accused in the case. As per Ludhiana Police, a total of 9 cyber fraudsters are involved in the SP Oswal Cyber Fraud Case. Now, the question arises who is SP Oswal and how the cyber fraudsters duped him of Rs 7 crore? Below is everything you need to know-
Who is industrialist SP Oswal?
SP Oswal is Chairman & Managing Director of Vardhman Group. As per Vardhman Group's official website, SP Oswal is a Gold medallist from Punjab University. Oswal holds a master's degree in Commerce. Talking about SP Oswal Networth or Vardhman Group's networth, Vardhman Textiles reported a net profit of Rs 749 crore on a standalone basis in the financial year 2022-23. The top line of the company in the last financial year was Rs 9,841 crore. The turnover of the company and its subsidiaries on a consolidated basis was Rs 10,137 crore and the consolidated net profit is Rs 805 crore. Ludhiana's Vardhman Group was established in 1965. The textile giant has a capacity to produce 2,40,000 MT of yarn and 180 million meters of processed (woven) fabric for apparels annually.
Coming back to SP Oswal, he has chaired offices of great importance as well. He was a Member of Board of Management - Punjab Agriculture University from the year 1979 to 1986. From 1987 to 1991, he functioned as the President of Ludhiana Management Association. He was also the Founder President and Director of Ludhiana Stock Exchange from 1983 to 1987 and the President of Northern India Textile Mills Associations during the years 1993-1995. He also remained in the position of Chairman at National Committee of Textiles of Confederation of Indian Industry during 1999-2004, as the Director of Exim Bank of India in 2005 and Member, Board of Governors – IIT, Delhi during 2006-2009.
From 2006 to 2013, he held the position of Director at UTI Trustee Company Pvt. Ltd. Besides, he has served as the Chairman of Textiles Committee - Ministry of Textiles, Government of India during 2012 - 2015.
SP Oswal, owner of Vardhman Group, was awarded Padma Bhushan Award by the Central Government in the year 2010.
How SP Oswal was duped by cyber fraudsters? Let's understand in 6 points
The fraudsters threatened SP Oswal with arrest and defamation in the name of Supreme Court's order that was totally fake. They sent him fake warrants for property sealing and arrest. After which they took money from him. When SP Oswal got a hint of the fraud, he complained to Ludhiana Police.
1. Fraudster called, talked about arrest warrant and sealing of property
According to the complaint given to the police, SP Oswal told that he received a call on his mobile a few days ago. The accused said that he is from Delhi and an arrest warrant has been issued in his name by the Supreme Court. Along with this, orders have been issued to seal his property. The fraudsters also cited the Supreme Court as well as ED, CBI, Customs Department.
2. Fraudsters talked in fluent English on a Video Call with SP Oswal
SP Oswal told the police that one day the fraudsters made a video call to him, in which an accused was on the video call. The accused was talking to him in English. The way of talking was also such that he seemed quite well educated.
3. Sent fake orders and warrants of Supreme Court
The accused called SP Oswal and said that his name is also included in the case in which the Supreme Court orders have been passed. When he did not believe it, then he was sent orders from the Supreme Court to seal his property as well as warrants for his arrest. After which he believed a little and gradually the fraudsters trapped him in their plan.
4. Finally the fraudsters demanded Rs 7 crore from SP Oswal
When Vardhman's owner SP Oswal was completely convinced that arrest warrants were issued against him, he asked for protection from the fraudsters. Following this, the fraudsters asked for Rs 7 crores to save him and get him out of the case. SP Oswal gave the money to the accused.
5. Fraudsters had complete knowledge of government agencies
SP Oswal in his complaint revealed that the fraudsters had complete knowledge about the government agencies of the country. They also had good knowledge about the law. They cheated him of crores of rupees by saying that they would save him from the case. They were repeatedly telling him that you are the owner of Vardhman Group and you have a different identity in the country.
6. Fraudsters showed the fear of defamation to SP Oswal
Fraudsters showed him the fear of defamation and said that if he wants protection then see otherwise it is his wish, arrest warrants have already been issued. This will defame your company. SP Oswal told that the fraudsters were repeatedly telling him that the orders and arrest warrants have been issued by the court.
They are investigating the same case and he should cooperate with them in the investigation. "We will not let you and the company get defamed. Because we know that you are a respectable person," said the thugs as revealed by SP Oswal adding that they also took the name of Delhi Police.
Ludhiana Police Action in SP Oswal Fraud Case
According to the information, Ludhiana Police has recovered almost Rs 6 crore from the fraudster who was caught. There is a possibility of more revelations related to the fraudster. As per reports, while 2 fraudsters have been arrested seven other members of this gang have been identified and efforts were on to nab them. All the nine members of the gang belonged to Assam and West Bengal.