Delhi Police Arrest Chinese National in ₹100 Crore Cyber Scam via Fake Stock Trading on WhatsApp
In a major breakthrough, the Delhi Police have arrested Fang Chenjin, a Chinese national, for allegedly orchestrating a ₹100 crore cyber scam. The scam, which revolved around fake stock trading schemes promoted via WhatsApp, has brought attention to the increasing prevalence of cyber fraud in India.
The Modus Operandi
According to police reports, the accused used WhatsApp groups to lure victims with promises of high returns through stock trading. Participants were asked to invest money through fraudulent apps and websites, which were strategically designed to appear legitimate. Once the investments were made, victims were blocked or redirected to non-functional platforms, leaving them with no recourse to recover their funds.
The Investigation
The cybercrime unit of Delhi Police, in collaboration with financial and IT experts, tracked the trail of transactions and identified key nodes of operation linked to Fang Chenjin. During the raid, several devices, including smartphones, laptops, and hard drives, were seized for forensic analysis. The investigation is currently expanding to uncover other possible operatives and accomplices involved in this elaborate network.
Impact and Precautions
The ₹100 crore scam has left many victims financially devastated. Authorities have urged the public to remain cautious while engaging in online investment schemes and to verify the authenticity of platforms before making transactions. Cyber experts also recommend using official stock trading apps and avoiding unsolicited offers shared through social media or messaging apps.
Broader Implications
This case has raised concerns about the growing role of foreign nationals in cybercrimes targeting Indian citizens. It also underscores the need for stronger cybersecurity frameworks and international collaboration to combat financial fraud.
What’s Next?
The Delhi Police are continuing their investigation to identify additional perpetrators and recover the stolen funds. They have also called for stricter regulatory measures to monitor and shut down fraudulent apps and websites.
Expanded Investigation:
Additional Cases: Authorities have linked Chenjin to significant fraud cases in Andhra Pradesh and Uttar Pradesh, involving cybercrime and money laundering.
Multiple Complaints: Seventeen criminal complaints registered on the Cyber Crime Portal are connected to the same Fincare Bank account used in the scams, with the total defrauded amount exceeding ₹100 crore.
Operational Details:
Financial Trail: Investigators traced funds to a bank account under the name "Maha Laxmi Traders" in Mundka, Delhi, which was linked to fraudulent transactions, including a ₹1.25 lakh transfer on April 24.
Communication Evidence: WhatsApp conversations between Chenjin and his associates revealed his direct involvement in orchestrating the fraudulent activities, including instructions to recharge mobile numbers used in the scams.
Law Enforcement Actions:
Public Advisory: Authorities continue to urge the public to exercise caution when engaging in online investment schemes and to verify the authenticity of platforms before making transactions.
Regulatory Measures: The case has prompted calls for stricter regulations to monitor and shut down fraudulent apps and websites to prevent such scams in the future.
This case highlights the importance of vigilance in online financial activities and the need for robust cybersecurity measures to protect individuals from sophisticated fraud schemes.
Find the Perfect Loan with Vizzve Financial
Make your loan search stress-free with Vizzve Financial! Explore a variety of loan options—home, personal, car, business, or instant loans—all in one platform.
Why Choose Vizzve?
- 1.Boost your approval chances with tailored matches.
- 2.Access a wide range of loans to suit your needs.
Visit www.vizzve.com or call 844-984-4958 for fast approvals. Apply directly below and get started today!
Vizzve Financial—Your reliable partner in securing the perfect loan!
Disclaimer: This article may include third-party images, videos, or content that belong to their respective owners. Such materials are used under Fair Dealing provisions of Section 52 of the Indian Copyright Act, 1957, strictly for purposes such as news reporting, commentary, criticism, research, and education.
Vizzve and India Dhan do not claim ownership of any third-party content, and no copyright infringement is intended. All proprietary rights remain with the original owners.
Additionally, no monetary compensation has been paid or will be paid for such usage.
If you are a copyright holder and believe your work has been used without appropriate credit or authorization, please contact us at grievance@vizzve.com. We will review your concern and take prompt corrective action in good faith... Read more
