Chinese Man Linked To Rs 100 Crore Stock Trading Scams Arrested In Delhi
Upon further investigation, it was found that Chenjin was also linked to two other fraud cases, including cybercrime and money laundering in Andhra Pradesh and Uttar Pradesh.
A Chinese national has been arrested in connection with a major cyber fraud case by Delhi’s Shahdara Cyber Police Station. According to ANI, Fang Chenjin duped a victim of over Rs 43.5 lakh which he carried out through online stock trading scams orchestrated via WhatsApp groups, targeting individuals.
Upon further investigation, it was found that Chenjin was also linked to two other fraud cases, including cybercrime and money laundering in Andhra Pradesh and Uttar Pradesh. In addition, 17 criminal complaints have been registered on the Cyber Crime Portal, all associated with the same Fincare Bank account, with the total amount defrauded surpassing Rs 100 crore.
As per an Indian Express report, the accused allegedly duped an accountant of Rs 43.5 lakh. The report said that the accountant had joined two separate WhatsApp groups in February and March after he was invited by unknown persons. He then attended several sessions in the groups which provided training on market analysis to buy and sell shares. He was soon lured to invest money by trading in stocks. He finally deposited up to about Rs 43.5 lakh in several accounts.
He filed a complaint in July after the victim was unable to recover his investment. Citing sources, The Indian Express, reported that investigators were able to identify the accused after examining bank transactions, addresses, mobile records, and other evidence.
According to the report, the account was under a different name, with the associated office located in Mundka. However, the mobile number used in the crime was registered under a different name, while the address was linked to another number, which couldn’t be located. The call data analysis revealed that one of the connected numbers was active. This number was traced back to Greater Noida.
In a separate case, a government doctor from Tamil Nadu was defrauded of Rs 76.5 lakh just by clicking on a YouTube advertisement promising stock market guidance. As per the India Today report, the victim, who is an associate professor at a Government Medical College, clicked on a YouTube ad that promoted online trading guidance.
From the ad, he was redirected to a WhatsApp group where several individuals, posing as investors, discussed stock market strategies and shared screenshots of supposed profits.
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