On the request of Odisha Economic Offences Wing (EOW) Look Out Circular (LOC) has been issued by the Bureau of Immigration (BOI) against three more Chinese citizens for their alleged involvement in a mega online Ponzi scam.
The LOC was issued against Liu Huan, Wenhui Zheng and Xu Xiaolu, all main accused and close associates of Guanhua Wang (40), who is wanted for operating a pan -India mega online Ponzi scam.
T Wang, of Hangzhou in China, along with two other Chinese national (one male and one female) came to India in 2019 and stayed in Bangalore for few months.
They siphoned off hundreds of crores of rupees out of India using a complex network of mule bank accounts, shell companies and Crypto-traders.. Earlier, a LOC was issued against mastermind Wang. They created at least 14 shell companies to run various cyber-financial frauds.
Initially their focus was on ‘killer Loan Apps” scam but after banning of apps they switched over to other frauds like earning apps, betting apps. Almost all the shell companies are based in Bangalore.
Bettec Technologies Private Limited, Winmoon Technologies Private Limited, Gamecamp Technologies Private Limited, Fintelecom BPO Private Limited, Bryontec Solutions Private Limited, Rumeasy Technologies Private Limited are some of the companies floated by these fraudsters.
More than 85 bank accounts having hundreds of crores of transactions have been noticed by the EOW during the investigations. Besides, they have hired and used numerous mule directors including some housewives.. Many Indian mobile numbers are still used by Chinese perpetrators from China, the EOW said.