Delhi police busts Rs 100 crore stock trading scam, arrest Chinese culprit

Crime News: In a major breakthrough, Delhi Police's Cyber Crime Unit has successfully dismantled a massive online fraud network worth Rs 100 crore. The operation led to the arrest of Fang Chainjin, a Chinese national allegedly behind the illicit scheme. The fraud targeted unsuspecting individuals through fraudulent stock trading programs, which promised high returns but ultimately defrauded victims of their hard-earned money.

The Cyber Fraud Operation Unfolded

The investigation was launched after a complaint was filed on July 24 by Suresh Kolichiyil Achuthan, who claimed to have been lured into fake stock market training sessions. Achuthan was misled into making several investments that were then transferred into multiple fraudulent bank accounts. The police tracked these funds, uncovering a network of cybercriminal activities that spanned across multiple states in India.

The Arrest of Fang Chainjin

After tracing a series of suspicious transactions linked to the entity 'Maha Laxmi Traders' in Tundra, Delhi, investigators were able to pinpoint the location of Fang Chainjin. The Chinese national was apprehended in Safariing Enclave, Delhi. Fang’s arrest marks a significant step in unraveling the larger cyber fraud operation, which involved scamming people through fake stock trading schemes primarily communicated via WhatsApp groups.

International Connections and Additional Fraud Cases

Further investigation revealed that Fang Chainjin had connections to similar fraudulent activities in Andhra Pradesh and Uttar Pradesh. Police also discovered that the fraud network was linked to 17 additional complaints filed on the Delhi Police Cybercrime Portal. These complaints are all connected to a single Fincare Bank account, further highlighting the scale and reach of the network.

Delhi Police have confirmed that the investigation is ongoing, with authorities continuing to scrutinize the international connections tied to this Rs 100 crore fraud network. Authorities are also working to identify additional victims and dismantle the broader criminal enterprise. Despite the breakthrough, the police emphasize that the full scope of the cyber fraud scheme has yet to be uncovered, and they urge the public to remain cautious of such online investment scams.