By Ashwani Mishra, Editor-Technology, 63SATS
In an increasingly connected world, even top corporate leaders aren’t safe from cybercriminals.
A total of Rs 39.1 crore was lost by four high-profile victims to sophisticated cyber scams over the last nine months, mainly between February and April 2024.
These scams leverage fear, authority, and elaborate impersonation, tricking even the savviest minds into transferring substantial sums of money.
Let’s dive into the world of cyber deception—one filled with fake hearings, fabricated evidence, and manipulative lies.
The Fake CBI, Supreme Court, and Rs 7 Crore Fraud: The Vardhman Group Case
Vardhman Group Chairman Mr. S P Oswal, a prominent figure in the textile industry and a Padma Bhushan awardee, recently fell victim to an intricate cyber scam that defrauded him of Rs 7 crore.
An inter-state cybercrime gang staged an elaborate ruse, pretending to be officials from the Central Bureau of Investigation (CBI). The fraudsters accused Mr. Oswal of being involved in a money laundering case linked to Jet Airways’ Naresh Goyal, even going so far as to orchestrate a fake Supreme Court hearing over Skype.
They impersonated the Chief Justice of India, Justice D Y Chandrachud, to give the scam the appearance of credibility.
Their ploy included fake arrest warrants and two days of supposed “digital surveillance” over Skype. Such was the gang’s cunning that even a seasoned businessman like Mr. Oswal believed the fabricated allegations and transferred the requested amount into accounts controlled by the scammers.
After an FIR was filed, authorities were able to trace and arrest two of the perpetrators in Assam, while the hunt for other suspects continues. This case highlights the new breed of sophisticated fraudster—one willing to impersonate national authorities and exploit the credibility of the Indian judiciary to deceive high-profile individuals.
A Growing Trend: CEOs, Directors, and the Frightening Reality of Cyber Fraud
Mr. Oswal’s case is just one in a disturbing trend of high-profile individuals falling prey to cyber scams.
In February 2024, the CEO of a Bengaluru IT firm lost Rs 2.3 crore after receiving a call from someone claiming to be an executive from a courier company, followed by another person impersonating a police officer. The scam involved eight separate transactions before the CEO realized he was being conned.
Just a month later, in March 2024, a 67-year-old former Managing Director of a multinational company was defrauded of Rs 4.8 crore. The scammers accused him of drug trafficking and threatened him with police action, leveraging his fear to manipulate him into making the payment.
Even more shocking is the case of a former director of a corporate firm in Mumbai, who lost nearly Rs 25 crore between February and April 2024. The victim, a senior citizen from Mumbai, received multiple calls via WhatsApp from scammers who alleged her involvement in a money laundering case. The fraudsters, posing as officials from central enforcement agencies, coerced her into transferring the money under the guise of resolving these false charges.
They even went so far as to have her download a video calling application, during which they displayed fake logos of central agencies and pretended to investigate her involvement. Over two months, Rs 25 crore was siphoned off before the victim realized she had been duped.
A Playbook for Deception: Fear, Authority, and the Illusion of Guilt
These scammers all share a common modus operandi—posing as law enforcement officers or representatives of regulatory bodies like the CBI, RBI, or customs offices.
They fabricate urgent situations: intercepted contraband, alleged money laundering activities, or suspicion of criminal involvement. By invoking the names of trusted institutions and faking legal threats, they induce fear and confusion in their victims.
The scam typically unfolds in multiple stages:
Initial Contact: Scammers often start with a seemingly mundane call, such as one from a courier company claiming an issue with a package.
Escalation: The call is quickly transferred to someone impersonating a law enforcement officer, accusing the victim of severe offenses such as money laundering or drug trafficking.
Threats and Fear Tactics: To amplify fear, scammers cite fake arrest warrants, impersonate high-ranking officials, or even hold a “court hearing” through video calls.
Coercion for Transfers: Under immense pressure, victims are manipulated into divulging bank details and transferring large sums of money to “resolve” the fabricated charges.
Breaking the Confidence: Implications Beyond Financial Loss
These scams are not only stealing money but also shattering the trust of individuals who play significant roles in the economy. Executives, chairpersons, and directors are accustomed to dealing with high stakes and complex problems, yet they are vulnerable when their personal integrity and freedom are questioned by what appear to be legitimate authorities.
The psychological impact is profound. Victims are left not only with a significant financial loss but also with a damaged sense of security and shaken faith in systems that they previously trusted. The fact that these scams are meticulously planned—featuring fake hearings and fabricated documents—adds to the gravity of the betrayal.
Recognizing the Unholy Scammers
The common thread in these cases is the scammer’s ability to weave an intricate web of deceit by impersonating authority figures and preying on fears of criminal consequences. This phenomenon isn’t just about cybercrime; it’s a psychological manipulation that dismantles personal and financial security.
To mitigate these risks, corporate leaders and individuals alike must:
Verify Credentials: Always cross-check the identities of people contacting you about sensitive issues.
Involve Legal Counsel Early: Do not make transactions or share personal information based on coercive threats without consulting a lawyer.
Limit Sharing Sensitive Information: Be wary of sharing financial or personal details over calls or video, especially with unfamiliar parties.
Educate and Train Staff: Training sessions on identifying and avoiding social engineering and phishing attacks can go a long way in preventing such fraud.
Are We Paying Attention?
These recent events reveal a terrifying vulnerability within our society—one where the boundary between friend and foe, truth and deception, can be manipulated with frightening ease. The orchestration of these scams speaks to a larger issue: the increasingly blurred lines in the cyber world where perceived authority and pressure can turn into devastating fraud.
Are we, as individuals and institutions, truly paying attention to this evolving and alarming threat landscape? For the scammers who impersonate CBI officers and fabricate Supreme Court hearings, the answer is clear—they are counting on us not to.
The call to action is immediate: recognize, educate, and respond. Only through vigilance and proactive measures can we hope to safeguard against these unholy scammers and protect our most valuable assets—our trust, our security, and our finances.
