India News | Delhi Police Arrests Chinese National for Cyber Fraud, Unearth Rs 100-cr Trading Scam

New Delhi, Nov 19 (PTI) The Delhi Police has arrested a Chinese national for his alleged involvement in a cyber fraud of Rs 43 lakh in Shahdara, officials said on Tuesday.

The arrest has helped the police unearth an online stock trading scam of more than Rs 100 crore which was being orchestrated via social media groups, Deputy Commissioner of Police (Shahdara) Prashant Gautam said.

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The accused has been identified as Fang Chenjin, a Chinese national residing at Safdarjung enclave, he said.

Sharing details on the probe, Gautam said, "A complaint was lodged at the cybercrime portal in July, were the complainant reported that he was lured into fraudulent stock market training sessions and subsequently tricked into investing Rs 43.5 lakh in several transactions. These investments were directed to multiple bank accounts controlled by the fraudsters."

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During the investigation, the police obtained details of the bank accounts to which the stolen funds were transferred and further analysed the call records of several suspected mobile numbers. A thorough investigation was conducted into the bank accounts and mobile numbers associated with all the suspects, and technical analysis revealed a link to fraudulent activities.

"We traced the funds to a bank account registered under the name Maha Laxmi Traders, located in Mundka, Delhi. This account was found to be involved in fraudulent transactions, including a transfer of Rs 1.25 lakh made in April this year," he said.

Further inquiry led the police to a mobile number which was registered in the name of Fang, which led them to him. He was arrested after evidence from his mobile phone and social media chat logs related to the fraud were recovered, said the DCP.

The social media conversations between him and an associate clearly showed that he was directing the fraudulent activities, including the recharge of the mobile number used in the scam. Further probe revealed that Fang was linked to two other significant fraud cases involving cybercrime and money laundering in Andhra Pradesh and Uttar Pradesh, police said.

"There are also 17 criminal complaints registered with the cyber crime portal, all linked to the same Fincare Bank account with the total amount defrauded exceeding Rs 100 crore," the DCP said, adding that the accused Chinese national revealed that he came to India on a work Visa for a Taiwani company in Andhra Pradesh in April 2020.

According to the police, Fang was even arrested by the Andhra Pradesh police in a cheating case that was registered on the complaint of the company's owner where he was working as a vendor.

"He spent around 7 months in jail in Tirupati jail in Andhra Pradesh," Gautam said.

The passport and visa of the accused were seized at the time of arrest by the Andhra Police. When the Delhi Police arrested him, Fang had no valid visa, he added.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)