The Bureau of Immigration (BOI) has issued a lookout circular against a Chinese national, Liu Yi, in connection with a case registered by the Odisha Economic Offences Wing (EOW) in connection with cheating through illegal loan apps.
The EOW began a probe after it received over 100 complaints from Odisha related to abusive activities of illegal loan apps.
As per reports the fugitive Liu Yi allegedly used to run many illegal digital loan Apps in India, including Koko loan, Jojo loan, Gold cash loan, Tap credit loan and others. EOW in a release claimed that there are more than 1.5 lakh downloads in one of the apps.
It is being said that Liu Yi started his illegal business in 2019 from Bengaluru. His parent company was Jianbing Technology in Hangzhou in China. Though he is the director of Omlette Technology Private Limited, he also indirectly controls or owns several other companies like Yellow Tune Technologies Private Limited and Ocean Trading.
“It is suspected that through these apps lakhs of people across the country, mostly lower middle class, in need of small loans during difficult times of Covid-19 were cheated,” the EOW stated.
According to EOW, there are two more Chinese nationals who assisted Liu Yi in the scam. Already five associates of the Chinese mastermind have been arrested and the EOW has conducted raids with assistance from State police in Delhi, Mumbai and Bengaluru and more than Rs 6.57 crore has been frozen.