Vardhman Group Chairman SP Oswal was allegedly duped by a gang of inter-state cyber fraudsters of ₹7 crore. The gang members approached the industrialists posing as CBI officials with a fake arrest warrant. Two cybercriminals have been arrested, and ₹5.25 crore have been recovered, according to Punjab police.

The police have begun their investigation and identified several members of the gang. Seven cybercriminals identified in the fraud case were from Assam and West Bengal.

According to the news agency PTI, fraudsters approached the industrialist Oswal as a CBI official. They also showed him a fake arrest warrant and threatened him with online arrest. Later, the imposters cheated the owner by extorting ₹7 crore. The massive amount was transferred from various bank accounts of the company.

The case was registered within 48 hours of the incident after SP Oswal filed a complaint against the scammers, said the cyber cell of the police.

The main accused in the fraud case have been identified as Atanoo Choudhary and Anand Kumar Choudhary (both residents of Guwahati in Assam), the police said. The two are associated with a larger inter-state network of online scammers active in duping industrialists and other people.