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The Bureau of Immigration of the Ministry of Home Affairs has issued a look-out circular (LOC) against three Chinese citizens involved in a mega online Ponzi scam.
The LOC was issued at the request of the Inspector General of the Odisha Economic Offence Wing (EOW), JN Pankaj in the Bureau of Immigration.
The three Chinese citizens (two men and one woman) were the main accused and close associates of Guanhua Wang who was one of the main accused in the mega online Ponzi scam.
The three Chinese nationals have been identified as Liu Huan, Wenhui Zheng and Xu Xiaolu.
The case pertains to EOW Case No.19/2023 under sections 419, 420, 467, 468, 471, 120-B of the IPC, sections 66-C and 66-D of the IT Act and section 6 of the Odisha Protection of Interests of Depositors Act.
The case related to a pan-India online Ponzi scam involving fraud and siphoning off hundreds of crores of rupees out of India using a complex network of mule bank accounts, shell companies/ firms and crypto-traders.
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Earlier in July, a LOC was issued against Guanhua Wang (40), the mastermind of the Ponzi scam who is a resident of Hangzhou in China. Wang along with the Chinese nationals 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 the government banned these Apps they switched over to other frauds like Earning Apps, Betting Apps and others.
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