Cyber Fraud Warning: Never Transfer Money on Phone Calls - SP Oswal

New Delhi, Oct 21 (PTI) Never transfer money when demanded by cybercriminals posing as investigating officers as investigative agencies do not work on the telephone, cautioned Vardhman Group Chairman SP Oswal, who fell prey to an inter-state network of cybercriminals recently.

Wiser after being duped Rs 7 crore by inter-state cyber fraudsters in August-end, the head of a leading vertically integrated textile manufacturer in India told PTI that he stands educated that there is nothing called 'digital custody' so whenever any call is received trying to implicate anyone in a crime, the call must not be entertained.

To take on the cyber criminals, Oswal advises people to confront them physically in the presence of a personal lawyer.

"Their strategy is to involve you in some cases, whether it is a drug case or PMLA (Prevention of Money Laundering Act) -- money laundering case. In my case, it was money laundering, and (they) conveyed to me that some bank account is operated in my name in Bombay and some illegal transitions have taken place," Oswal said while recollecting his experience.

Despite denying having any such account, the cyber criminals acted so convincingly, posing as CBI officials, that innocent people can easily become victims, he noted.

"I was also a victim of my own innocence," Oswal said.

When asked what would be his advice to everyone to prevent such traps by cyber fraudsters, he said, "One, if there's any call coming in the name of telecom regulatory authority to talk to somebody, it is a fake call, put it down. Never take it!"

Number two, he said, "There is nothing like digital custody. This is nonsense".

In his third piece of advice, Oswal said, "Never transfer money. If somebody has to pledge your property, he will come to you rather than sending you a message on the telephone... Investigating agencies do not work on the telephone. They have all the means to come and confront the accused if he is so, in any way".

If, for any reason, someone has transferred money as demanded by the cybercriminals, he said, "The investigation officer must be very quick to ensure that money is secured".

However, Oswal noted that cyber criminals take advantage of the inherent weakness of gullible people, who become easy prey for them.

Recollecting his own incident on August 28, he said, "They were posing as my friend, also my protector, and also, giving me the process of investigation to do me a favour. So, this is how I was taken in".

The cyber fraudsters posing as CBI officials from the Colaba office told Oswal that if he is "innocent, then it will be easy for us to clear you in the investigation, but nevertheless, it's an act, which is requiring us to investigate and then clear you".

Recollecting how he was taken for a ride, Oswal said he was asked by the criminals to request for a priority investigation, following which he made a petition.

"They told me this is under secret and don't disclose it or share it with anyone," he said, adding that the criminals told him that he is under "digital custody" after taking his statement, including his wealth and investments, while asking him not to go anywhere outside his house.

"I never knew their intentions, where they would ultimately go," Oswal noted.

The scammers even convinced him that Supreme Court Chief Justice DY Chandrachud agreed to hear his case at 11.05 am on August 29, as it had been taken up under the 'National Secrets Act'.

Remembering how even the court the hearing was enacted, Oswal said, "I did not see the court, except only I was hearing the voice, which gave a direction that before the assets are dissipated, better, you pledge the assets of the 'source one', and if he resists, then you can take his physical custody".

The matter was over in 20 minutes with a direction that "pledging the asset means transferring your money to a safer account which is protected", Oswal recollected, adding that "they told me that it will be remitted back to you after clearance in 24-48 hours".

On the same day of the 'hearing' he started transferring Rs 4 crore in about three transactions and another Rs 3 crore the next day on August 29, which all went to the State Bank of India account.

Oswal, who had confided to his manager about the matter, was made aware by the latter that the whole process seemed like a fraud.

"Then they (fraudsters) gave me the instruction to transfer Rs 3 crore more to another account, which turned out to be at ICICI Bank in Jaipur...Then I denied. I told them, this is not the right account...my money is being transferred to the wrong accounts," he recollected.

Following that the fraudsters sent "me arrest warrant of Enforcement Directorate as per Supreme Court order", to which Oswal said, "Now I'm prepared for it. But after that, they never came back to me...They sent me messages to cooperate, but I did not apply".

Subsequently, he filed an FIR on August 29.

"The investigating officer was the key for me. He was a very quick officer with strategic thinking. He did not go after the accused. He wanted to secure the money, and he worked overnight," Oswal said, adding his manager also worked with the investigating officer to ensure the money was recovered.

Subsequently, through the intervention of the home department the accounts were frozen on August 30, he added.

"Had they missed even one day, the recovery was impossible. So, speed of action is key in this for an investigating officer. Otherwise, recovery is only 10-15 per cent," Oswal noted.