Bhubneswar, Sep 4: The Bureau of Immigration (BOI), has issued Look Out Circular (LOC) against three more Chinese citizens, all main accused and close associates of Guanhua Wang, in
a mega online Ponzi scam.
The LOC was issued on the request of the Economic Offence Wing of Odisha Crime branch against Liu Huan,Wenhui Zheng and Xu Xiaolu.
The case, EOW sources here on Monday said refers to a huge pan-India online Ponzi scam involving fraud and siphoning of hundreds of crores rupees out of India using a complex network
of mule bank accounts, shell companies/ firms and Crypto-traders.
Earlier, LOC was issued against the mastermind/Boss of this scam namely Guanhua Wangof Hangzhou, China. He along with these Chinese came to India in 2019 and stayed in Bangalore
for a few months.
EOW sources said these Chinese nationals created at least 14 shell companies to run various cyber-Financial frauds.
Initially their focus was on the “killer Loan Apps” scam but after banning of Apps they switched over
to other frauds like Earning Apps and Betting Apps . Almost all the shell companies are based in Bangalore.
More than 85 bank accounts having hundreds of Crores of transactions have been noticed in these shell companies
They have hired/ used numerous mule directors including some house wives and many Indian mobile numbers are still used by Chinese perpetrators from China, EOW sources said.
