The circular has been issued on the request of the Economic Offence Wing (EOW) of Odisha Police.
The Bureau of Immigration (BOI) of the Ministry of Home Affairs has issued a look-out circular (LOC) against three more Chinese citizens including a female, who are accused in a mega online Ponzi scam.
The circular has been issued on the request of the Economic Offence Wing (EOW) of Odisha Police that had recently detected the online Ponzi scam which involves fraud and syphoning of hundreds of crores rupees out of India using a complex network of mule bank accounts, shell companies/firms and Crypto-traders.
According to sources, the circular has been issued against Liu Huan, Wenhui Zheng and Xu Xiaolu. Earlier, the BOI had issued LOC against another Chinese national Guanhua Wang (40), known to be the main accused in the scam.
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Wang along with the three Chinese nationals came to India in 2019 and stayed in Bangalore for a few months, and created at least 14 shell companies to run various cyber-financial frauds.
Initially their focus was on ‘killer loan apps’ but after these were banned, they switched over to fraudulent earning and betting apps.
The official said almost all the shell companies are based in Bangalore.
Initial investigation suggests Wang and his associates have syphoned off more than Rs 100 crore through his company from people across India, including several from Odisha.
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“Most victims belong to the lower middle class, including many students who wish to become rich in a very short span through shortcuts,” said EOW sources.
In the last one year, EOW Odisha has detected at least three cases involving fraud of hundreds of crores of rupees being run by Chinese nationals.
LOCs have been issued against more than five Chinese nationals in all such cases earlier.
First published on: 04-09-2023 at 21:29 IST
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