Chinese National Linked To Stock Trading Fraud Worth ₹100 Crore Arrested In Delhi

The Delhi police, according to various reports, have arrested a fraudster for deceiving and duping an accountant of Rs 43.5 lakh. The alleged charlatan is said to be a Chinese national by the name of Fang Chenjin.

Chinese National Arrested

Chenjin, as per reports, conducted his crime online through the operation fake stock trading avenues. According to reports, he deployed WhatsApp groups to dupe unsuspected victims, aspiring to make money through equity market trading.

This arrest of Fang Chenjin is seen as a major breakthrough in the investigation against online fraud. In addition to this particular case, Chenjin and his apparatus have also been linked to fraud worth a total of Rs 100 crore across different jurisdictions in different states.

Fraud And Money Laundering

In pursuance of reports, a total of 17 criminal complaints were registered on the official cybercrime portal.

All these cases were connected to the same Fincare Bank account.

According to the Delhi Police, his arrest has uncovered a larger nexus of cybercriminals functioning out of other Indian states, including Andhra Pradesh and Uttar Pradesh.

Apart from purloining small investors, this fraud web is also said to be involved in money laundering activities. This, therefore, could lead to bigger revelations in the near future, as money laundering often powers other social ills and crimes.

Need For Vigilance

These developments shine a light and underscore the importance of vigilance in the day and age of the internet, where trading has become simpler. Many more individuals are active in the equity market but are not entirely equipped to understand the nuances of the system and therefore are not capable of eluding such invasive fraudulent exercises.

It, therefore, becomes rudimentary to be diligent and vigilant while investing and use vetted and reliable means to conduct trading activities to attain progress and growth safely.