Fang Chenjin, a Chinese national, was taken into custody by the Shahdara Cyber Police Station in connection with a well-known cyber fraud case involving online stock trading schemes. The scam, which targeted gullible investors, was carried out by bogus WhatsApp groups and totaled Rs. 43.5 lakhs. The matter came to light on July 24, 2024, when Sh. Suresh Kolichiyil Achuthan filed a report through the Cyber Crime Portal. The complainant claimed that he was tricked into funding phony stock market education courses, which resulted in several fraudulent deposits into the criminals’ bank accounts.
The scammers would set up WhatsApp groups and lure gullible people to join them while posing as stock market experts. They would persuade victims to invest in fake stock trading schemes once they were inside the organization. The investment funds would thereafter be transferred to different bank accounts under the fraudsters’ control.
The Shahdara Cyber Police linked the fraudulent transactions to a cell phone belonging to Fang Chenjin, a resident of Delhi’s Safdarjung Enclave, after conducting a technical examination. When the police arrested him, they found:
- a cell phone that was utilized to carry out the crime.
- WhatsApp conversations provide unequivocal proof that Fang Chenjin instructed his associate to recharge the fraudulent mobile number.
Subsequent inquiries have connected Fang Chenjin to two additional significant incidents of money laundering and cyber fraud in Andhra Pradesh and Uttar Pradesh. Furthermore, the identical Fincare Bank account is linked to 17 criminal charges with losses surpassing Rs. 100 crores that were filed on the Cyber Crime Portal.
The investigative team was led by SHO/Cyber Inspector, under the overall supervision of ACP Operations. Inspector Rajeev was part of a dedicated team that put out a lot of effort to solve the case.
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