Scam Alert: Chinese National Arrested After Defrauding Accountant in Fake Stock Trading

Fake stock trading scams have become a major concern, particularly those conducted over platforms such as WhatsApp, where fraudsters attract victims with promises of large returns. In a recent case, Fang Chenjin, a Chinese national, was arrested for allegedly duping an accountant of Rs 43.5 lakh through a fake stock trading scheme. Indian Express reported that, according to the victim’s complaint to the cyber-crime portal, he joined two WhatsApp groups in February and March 2024 after being invited by unknown individuals. These groups provided training on market analysis and encouraged the accountant to invest in stocks, promising substantial returns.

The victim transferred Rs 43.5 lakh into multiple bank accounts after being seduced by these assurances. While he filed a complaint in July after not being able to get his money back.

A police source told Indian Express, “We traced the accused through an in-depth analysis of bank transactions, mobile records, and addresses, which eventually led us to Greater Noida.” During the investigation, it was revealed that Rs 1.25 lakh was transferred to a separate bank account linked to an office in Mundka. The mobile number used for the crime was registered under a different name, but call data analysis traced it to Greater Noida, helping authorities locate the accused.

On October 18, 2024, Chenjin was taken into custody after authorities located a woman who assisted them in locating him. In order to ascertain whether other people were engaged in the scam, authorities are currently looking into more bank accounts. They have also contacted the Chinese Embassy for assistance in the investigation. The Embassy’s involvement is crucial in helping to navigate the international dimensions of the case.

The accountant, in his complaint, said, “I had no idea that I was being scammed until I tried to recover my money and realized it was all a fraud,” as reported by Indian Express.

This instance highlights the growing danger of fraudulent stock trading schemes, especially on WhatsApp and similar networks. Such fraud can result in serious financial harm, as seen by Fang Chenjin's arrest for defrauding an accountant. Authorities are collaborating with foreign organizations to conduct additional research, emphasizing the importance of exercising caution while looking into investment prospects. To prevent becoming victims of these fraudulent schemes, people need to exercise caution, double-check their sources, and report any questionable activity.