New Delhi: The Central Bureau of Investigation (CBI) on Wednesday confirmed that it has filed a charge sheet against two Chinese nationals in connection with a massive ₹1,000-crore investment fraud in India that took place during the Covid-19 pandemic. The case, which involved a complex web of shell companies and digital platforms, highlights the growing threat posed by cross-border cybercrime networks targeting Indian citizens.

According to the CBI, the two accused, identified as Wan Jun and Li Anming, allegedly orchestrated a sophisticated investment scam through a company called Shigoo Technology Pvt. Ltd., which they owned and controlled. The fraud operated under the guise of a legitimate investment opportunity via a mobile application named “HPZ Tokens”, which promised investors exceptionally high returns from cryptocurrency mining during the Covid-19 lockdown.

“Investigation found that this was not an isolated incident but part of a large, well-coordinated cybercrime network operated by foreign nationals. This syndicate was responsible for several cyber scams targeting Indian citizens in the post-Covid period using loan apps, fake investment apps, and platforms offering bogus online job offers,” said a CBI official who requested anonymity.

Modus Operandi of the Fraud

The accused reportedly came to India to establish the company and the necessary infrastructure. After setting up operations, they left the country and continued to manage the company remotely from abroad. Using multiple shell companies created under the umbrella of Jilian Consultants, a Chinese entity, the duo allegedly collected and laundered the proceeds from fraudulent transactions, moving over ₹1,000 crore in just a few months.

The CBI investigation uncovered that Wan Jun was the director of Jilian Consultants India Pvt. Ltd., a subsidiary of the Chinese parent company. Together with an associate named Dortse, he allegedly created several shell companies including Shigoo Technology to act as conduits for the fraud. These shell entities were instrumental in facilitating the illegal flow of funds and in creating the appearance of legitimate business activity.

The operations were reportedly sophisticated in their use of payment aggregators, which, although in nascent stages in India, were exploited by the syndicate to move large sums of money with minimal scrutiny.

Local Network and Arrests

The CBI also traced the network of individuals who facilitated the operation in India. Six local operatives were arrested when the agency took over the investigation. They included Dortse, Rajni Kohli, Sushanta Behra, Abhishek, Mohammad Imdhad Husain, and Rajat Jain. These arrests helped authorities unravel the intricate web of companies and individuals that enabled the syndicate to operate with impunity across multiple Indian states.

In total, the CBI filed a charge sheet against 30 entities, which included the two Chinese nationals, 25 individuals, and three companies. The charges reflect a broad spectrum of financial crimes, cyber fraud, and money laundering, illustrating the scale and reach of the syndicate.

Scope and Impact of the Fraud

The investigation revealed that the syndicate was behind multiple scams, exploiting gullible investors by offering false promises of high returns via loan applications, investment apps, and bogus online job platforms. The fraudulent schemes specifically targeted Indian citizens during the Covid-19 lockdown, a period when many people were increasingly reliant on digital platforms for income and investments.

The total amount involved—₹1,000 crore—makes this one of the largest cyber-enabled financial frauds linked to foreign nationals in recent years. Authorities emphasized that the fraud was highly organized, cross-border, and technologically sophisticated, underscoring the need for stronger cybersecurity and regulatory measures in India.

International Dimension and Ongoing Investigation

The two Chinese nationals remain absconding, and the CBI is coordinating with international agencies to bring them to justice. Given the cross-border nature of the crime, the case has implications for global cooperation in tackling cyber fraud.

“These frauds were connected and controlled by a single organized criminal syndicate based overseas. The probe also exposed an organised and sophisticated use of payment aggregators, which were in nascent stages of operations in India,” the CBI statement said.

Authorities are also investigating whether the syndicate operated other fraudulent schemes outside of the HPZ Tokens platform. Preliminary findings indicate that the group may have replicated the model in multiple countries, exploiting gaps in financial regulations and leveraging the anonymity offered by digital financial platforms.

Legal Proceedings and Next Steps

The CBI’s filing of the charge sheet initiates the formal judicial process against the accused. If apprehended and convicted, Wan Jun, Li Anming, and the other implicated individuals could face multiple charges, including cheating, criminal conspiracy, and money laundering under the Indian Penal Code and Prevention of Money Laundering Act (PMLA).

Given the scale of the fraud and the involvement of foreign nationals, authorities anticipate that extradition and international legal cooperation will play a critical role in the case. The agency has also stressed the importance of strengthening cybercrime detection mechanisms, as sophisticated scams like this one exploit technological vulnerabilities and legal loopholes.

Broader Implications

This case highlights the vulnerability of Indian citizens to cross-border financial frauds, particularly in the context of digital investments and cryptocurrencies. The Covid-19 pandemic created an environment where digital platforms became central to economic activity, which scammers exploited.

Experts have called for stricter regulations on digital financial services, enhanced investor awareness campaigns, and more stringent monitoring of foreign entities operating in India. The CBI’s investigation underscores the need for robust cooperation between law enforcement agencies across borders, especially in an era where cyber-enabled financial crimes can have far-reaching consequences.

Conclusion

The CBI’s charge sheet against Wan Jun, Li Anming, and 28 other entities marks a significant step in addressing a ₹1,000-crore pandemic-era investment fraud that has shaken investor confidence. The case serves as a cautionary taleabout the risks posed by sophisticated foreign syndicates in India’s digital financial ecosystem.

Authorities continue to track the absconding Chinese nationals while pursuing legal action against the network of Indian operatives who facilitated the fraud. With continued international cooperation, investigators aim to bring all key perpetrators to justice and prevent similar large-scale scams in the future.