Canadian man accused of scamming more than $200,000 from Gatlinburg man through investment scheme

Yin Yiin Cheng, 31, was arrested in Gatlinburg following an investigation on Aug. 27 after an elderly man reported potential fraud.

Author: Shelby Wright

GATLINBURG, Tenn. — The city of Gatlinburg announced Thursday that authorities arrested a man from British Columbia in Canada on charges of fraud, theft and financial exploitation of an adult on August 27.

The investigation began on August 25 when the Gatlinburg Police Department received a report of possible internet fraud. An elderly victim was contacted via Facebook in early July and was persuaded to invest an initial $2,000 in what was presented as a legitimate investment opportunity. 

During an in-person meeting on July 21, the elderly victim gave people who identified themselves as communications staff of the purported investment firm another $200,000 in cash.

Over time, the victim’s investment was said to have reached $1.3 million. However, when the victim attempted to withdraw the funds, he was told he'd have to pay an additional $280,000 in taxes.

This is when the victim contacted GPD on August 25 about a potential fraud case, and revealed that he was meeting with the so-called investment firm the next day to pay the taxes.

Yin Yiin Cheng, 31, was arrested following an investigation by GPD and Sevier County Sheriff’s Office Criminal Investigations Division and Narcotics Organized & Violent Crimes Apprehension.

GPD also seized Cheng's vehicle and its contents as evidence and were awaiting search warrants to examine the property, according to GPD. 

“This arrest is the result of quick action and strong collaboration between local law enforcement agencies,” Gatlinburg Police Chief Ronnie Barrett said. “Scammers who prey on the elderly exploit trust and we are committed to protecting our community from these crimes. We encourage residents to remain vigilant, verify unsolicited financial offers, and contact authorities whenever something feels suspicious.” 

Full Article & Source:
Canadian man accused of scamming more than $200,000 from Gatlinburg man through investment scheme