CBI Charges Two Chinese Nationals In Rs 1,000-Crore Pandemic-Era Investment Scam

The Central Bureau of Investigation (CBI) announced on Wednesday that it has filed a charge sheet against two Chinese nationals accused of orchestrating a massive ₹1,000-crore investment scam in India during the Covid-19 lockdown. The fraud was allegedly carried out through shell companies using a fake mobile application called “HPZ Tokens”, which falsely promised high returns from cryptocurrency mining.

According to officials, the investigation revealed that the scam was part of a broader, highly coordinated cybercrime network operated by foreign nationals. This group is believed to have run multiple online fraud schemes after the pandemic, including deceptive loan apps, fake investment platforms, and fraudulent online job offers.

The two prime accused, Wan Jun and Li Anming, had initially travelled to India to establish the company’s infrastructure but later managed operations remotely after leaving the country. Both are currently absconding.

The agency stated that the syndicate served as the central point for several scams that targeted unsuspecting citizens through various digital platforms. After taking over the case, the CBI swiftly dismantled the local network and arrested six individuals connected to the fraud. Investigators eventually identified 27 people involved and filed a charge sheet against 30 entities, including the two Chinese nationals, 25 individuals, and three companies.

The CBI found that Wan Jun, director of Jilian Consultants India Pvt. Ltd., helped create multiple shell companies under the Chinese parent firm Jilian Consultants, including Shigoo Technologies. These entities were used to route and launder the proceeds of cybercrimes, with over ₹1,000 crore moving through their accounts within a short span. The probe also uncovered the sophisticated misuse of payment aggregators, which were still at an early stage of development in India at the time.