The Bureau of Immigration (BOI) has issued a lookout circular (LOC) against three more Chinese citizens who are involved in a large online Ponzi scam worth Rs 100 crore. The Economic Offence Wing of Odisha Crime Branch requested the LOC against Liu Huan, Wenhui Zheng, and Xu Xiaolu. The scam involves fraud and the illegal transfer of crores of rupees out of India using a complex network of bank accounts, companies, and crypto traders.
The mastermind of the scam, Guanhua Wang, along with these three Chinese individuals, came to India in 2019 and stayed in Bengaluru for some time. They created 14 shell companies to carry out various cyber financial frauds, initially focusing on ‘killer loan apps’ before switching to other scams like Earning Apps and Betting Apps. All of the shell companies are based in Bengaluru.
The investigation has uncovered over 85 bank accounts with transactions worth crores of rupees in these shell companies. The Chinese perpetrators still use Indian mobile numbers from China. Guanhua Wang, originally from Hangzhou city in China, formed a company called Bettec Technologies Private Limited in Bengaluru in 2019.
The authorities are taking action against these individuals to put an end to their fraudulent activities and protect the victims of the Ponzi scam.
