Two fraudsters held for duping noted industrialist S P Oswal of Rs 7 crore Ludhiana, Sep 29 (PTI) Punjab Police  busted a gang of inter-state cyber fraudsters who duped noted industrialist Shri Paul Oswal of Rs 7 crore.

Ludhiana Police Commissioner Kuldeep Singh Chahal said two cyber criminals have been arrested and Rs 5.25 crore have been recovered from them.

Seven other members of this gang have been identified and efforts were on to nab them, he said, adding that all the nine members of the gang belonged to Assam and West Bengal.

The fraudsters cheated the owner of Vardhman Group S P Oswal by getting Rs 7 crore withdrawn from various bank accounts belonging to the industrialist.

One of them introduced himself as a CBI officer and showed the industrialist a fake arrest warrant and threatened him with digital arrest, police said.

The cyber cell of the police registered the case on the complaint of Oswal and said it solved the case within 48 hours.

The accused have been identified as Atanoo Choudhary and Anand Kumar Choudhary (both residents of Guwahati in Assam), the police said.

It was the second such incident which came to light within a week. Earlier, a local industrialist was duped of Rs 1.01 crore by some fraudsters.

Rajnish Ahuja was also duped after the fraudsters threatened him with an arrest warrant after claiming that extortion amount was transferred to his bank account.