Tue Nov 19 00:37:13 UTC 2024: ## Cybercriminals Fleece Executives in Series of “Digital Arrest” Scams
**Chandigarh, [Date]** – Punjab police are investigating a string of sophisticated cyber scams targeting high-profile individuals, resulting in significant financial losses. The latest victim, Mahendra Prakash Vyas, vice-president of operations at Poddar Tyres Limited, reported losing Rs 79.5 lakh (approximately $960,000 USD) after being subjected to a 20-day “digital arrest.”
Impersonating Mumbai Police and CBI officials, the criminals convinced Vyas that his courier contained illegal passports and narcotics, threatening him with arrest unless he cooperated. Over a period of three weeks, from September 27th to October 29th, Vyas was coerced into transferring money in installments.
This incident follows a similar scam targeting an 83-year-old resident, Nirvair Singh Bains, who lost Rs 85 lakh (approximately $1 million USD) under similar circumstances. Both victims were told their couriers contained seized passports. Both cases have been filed at the Punjab State Cyber Crime Police Station.
These recent cases highlight a worrying trend. Police recently arrested two members of an interstate cybercrime gang responsible for defrauding industrialist Shri Paul Oswal of Rs 7 crore (approximately $8.4 million USD), recovering Rs 5.25 crore of the stolen funds. Authorities are urging the public to remain vigilant against such scams and to report any suspicious activity immediately.
First Piper 