Bhubaneswar, July 12: Bureau of Immigration (BOI) has issued a Look out Circular against
Liu Yi, a Chinese national for running many illegal digital Loan Apps in India.
The lookout notice was issued on the request of the Economic Offence Wing(EOW) of Bhubaneswar as LIU YI is the main accused in a case registered in January this year.
The Chinese national used to run many illegal digital Loan Apps in India like –KOKO Loan, JOJO Loan ,Golden Lightening Loan, Silver Kredit Loan, Gold Cash loan, Little Borrow Loan, Tap Credit Loan, Kredit bear Loan, Speedy rupee Loan, Xpress credit Loan, Kredit Plan loan, Rupee Day Loan and few others.
EOW sources here on Tuesday said in one APP alone there are more than 1.5 Lakh downloads.
EOW suspected that through these apps, lakhs of people across the country, particularly the lower middle class people in need of small loans especially during difficult times of COVID were cheated and extorted .
Liu Yi started his illegal business in India in 2019 from Bangalore. His parent company was Jianbing Technology in Hangzhou China.
He is the director of Omelette technology private limited but indirectly controls/ owns Yellow Tune Technologies private limited Mudmate Technologies Private limited Pinkleaf Aryan communications private limited Techlite development private limited
There are at least two more Chinese who used to assist him in his scam. It is suspected that they are running such illegal Loan APPs in other countries too, especially in Thailand.
The EOW has already arrested five accused accomplices of the Chinese mastermind and is in touch with various state police and conducted raids in Mumbai, Bangalore and Delhi.
So far over Rs 6.57 crore has already been frozen.
The EOW has appealed to people not to take loans from unregistered Internet loan Apps.
