Chinese man arrested in Delhi for duping over $47,000 in fake stock trading

A Chinese national, who is suspected to be involved in multiple cases of fake stock trading via WhatsApp groups, was arrested for allegedly duping an account of ₹43.5 lakh (Over USD 47K), Indian Express reported.

According to a complaint filed at cyber crime petrol, the account holder joined two different WhatsApp groups in February and March this year on invitations by unknown numbers. 

He even attended a few sessions in the group on market analysis and how to buy and sell stocks. 

 “Soon, he was lured to invest money by trading in stocks. He fell into the trap and deposited about ₹43.5 lakh (Over USD 47K) in several accounts,” the company said, according to Indian Express. 

After a failed attempt to get his investment back, the victim filed a complaint. 

An investigation was launched by the officials through which they found that around ₹ 1.25 lakh (Over USD 1.4k) was transferred to a separate bank account. 

“The account was registered under another name with their office located in Mundka. However, the mobile number used to commit the crime was registered under a different name. The address on which the number was issued could not be traced, but call data analysis showed that one number to which calls were made was active. The said number was traced to a locality in Greater Noida,” a police source told Indian Express. 

When the police reached the location they found a woman who informed them about the suspect named Fang Chenjin.

Meanwhile, Chenjin’s lawyer Advocate JP Bansal told the Indian Express that Chenjin has been “falsely implicated”. 

“There is no recovery from him… The mobile phone was also not recovered from the accused,” Bansal told Indian Express. 

“There is no direct or indirect legal evidence against him. He lives hand to mouth. He was arrested because he was helping people of his country who were locked up in jails. He can’t go to China because his passport has been seized,” the lawyer claimed. 

Chenjin’s bail application has been listed in the Karkardooma court for hearing on November 19. 

(With inputs from agencies)