Online Ponzi Scam: EOW Issues Look out Circular against 3 Chinese Nationals
Bhubaneswar: A look out circular (LoC) has been issued against three Chinese nationals in connection with an online ponzi scam. The LoC was issued by the Bureau of Immigration on the request of the Economic Offence Wing (EOW). The circular was issued against Liu Huan, Wenhui Zheng and Xu Xiaolu. They are close associates of [...]
Bhubaneswar: A look out circular (LoC) has been issued against three Chinese nationals in connection with an online ponzi scam.
The LoC was issued by the Bureau of Immigration on the request of the Economic Offence Wing (EOW).
The circular was issued against Liu Huan, Wenhui Zheng and Xu Xiaolu. They are close associates of Guanhua Wang, another key accused of the scam, the EOW stated.
The case is linked 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. 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 etc.
More than 85 bank accounts having hundreds of Crores of transactions have been noticed in these shell companies.
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