Vardhman Group CEO Oswal reveals how he was duped of Rs 7 crore: 'They said my a/c was linked to Naresh Goyal ...'

The industrialist said he received a phone call on September 28. "I was told my phone would be disconnected unless I pressed the '9' button. I pressed '9' and a voice on the other side said he was calling from CBI's Colaba office. He mentioned a mobile phone number in my name and said someone took the connection by misrepresenting me,” Oswal told NDTV.

According to Oswal, the caller asked him about a Canara Bank account in his name. When Oswal said he did not have any Canara Bank account, the caller said some financial irregularities have been reported in that account.

Link with Naresh Goyal

Oswal told NDTV said the fraudsters claimed that an account in his name was used for financial irregularities linked to the case against Naresh Goyal, former chairman of Jet Airways who was arrested last year in a money laundering investigation.

"They told me I am a suspect. I told them that it was not my account and that I did not know Naresh Goyal. They said the account had been opened using my Aadhaar details. I told them that I have travelled in Jet Airways, so I may have shared the details for identification, and they have a record,” he told NDTV.

Digital arrest

The official, who was speaking to Oswal via a video call, said the industrialist’s document might have been misused. "They said I was a suspect till their investigation concluded and that I was in digital custody. They said they would try to protect me and asked me to extend full cooperation. That gave me some confidence that they would protect me and eventually clear me,” said Oswal.

Identifying himself as Rahul Gupta, the chief investigating officer, sent Oswal around 70 rules of surveillance. Oswal was also asked to write a letter seeking a priority investigation. "They asked me about my childhood, education and entry into business. They asked me about my property details. I told them I didn't remember everything, but I would tell them after talking to my manager," Oswal said, adding that fraudsters posing as officials recorded his statement.

Oswal said he was under video surveillance round the clock. "Whenever I went out of my room, I would tell them and take my phone along so they could see me." They told me that I cannot talk to anyone about this matter because it is under the National Secrets Act. They said I and whoever I spoke to can be jailed for three to five years,” he said.

What is digital arrest?

Digital house arrest involves cybercriminals trapping victims in their homes to defraud them. Perpetrators create fear by making audio or video calls, often impersonating law enforcement officials using AI-generated voice or video calls.

Elaborate plans

According to Oswal, the wore civil dress and ID cards around their necks. He also told NDTV that an office with the Indian flag could also be seen in the background. During the video call, the octogenarian was also shown a fake courtroom and a man posing as Chief Justice of India DY Chandrachud heard his case and issued an order. This order was then sent to him over WhatsApp. Following this, he was asked to deposit Rs 7 crore in separate accounts.

A fake arrest warrant served to Oswal bore the Enforcement Directorate's. It also had the signature of one Niraj Kumar, identified as ED's assistant director. A real arrest warrant served by the ED does not have Mumbai Police's stamp, according to NDTV.