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₹100 Crore Scam: Chinese Citizen Arrested in Delhi

New Delhi: A Chinese citizen, Fang Chenjin, has been arrested by the Delhi Cyber Cell police in connection with a massive ₹100 crore cyber fraud case.

Details of the Scam:

Fang Chenjin was allegedly involved in online stock trading fraud through WhatsApp groups. Victims, including complainant Suresh Kolichiyil Achuthan, were promised lucrative returns on investments. Achuthan filed a complaint after being defrauded of ₹43.5 lakh.

The fraudsters lured victims with stock market training sessions and encouraged them to invest. The funds were then diverted to several controlled bank accounts for fraudulent purposes.

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Investigation Findings:

  • A bank account under the name Mahalakshmi Traders was identified in connection with the scam.
  • Fang Chenjin was residing in the Safdarjung Enclave area of Delhi.
  • Cybercrime investigators seized his mobile phone, which contained WhatsApp conversations linked to the fraud.

Scale of the Fraud:

  • At least 17 complaints have been registered on the Cyber Crime Portal, all linked to a single bank account.
  • Preliminary investigations reveal that the fraud amounts to ₹100 crore.
  • This case has connections to other cybercrime and money laundering activities in Andhra Pradesh and Uttar Pradesh.

Ongoing Investigation:

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Delhi DCP (Shahdara) Prashant Gautam stated that the investigation is ongoing, with a focus on uncovering the extent of the involvement of Chenjin and his accomplices. The authorities are delving deeper into the case to identify additional links and ensure accountability.

Team Newsnap
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