The Odisha Economic Offences Wing (EOW) has frozen over Rs. 2.52 crores of the bank deposits of three dubious companies which deceived the people by a fake loan App.

The EOW had earlier received a series of complaints from victims and the Reserve Bank of India relating to the illegal functioning of loan apps that are not registered as NBFC under the Reserve Bank of India (RBI) Act.

The three companies whose accounts were frozen are BTWO Consulting Private Limited, Jiyaling InfoTech Private Limited, and Omellete Technology Private Limited. The bulk of the amounts belong to Jamshedpur, Jharkhand-based Recovery Agent Company BTWO Consulting Private Limited, EOW’s statement said on Saturday.

Pune-based Jiyaling Technology Private Limited and Bangalore-based Omelet Technology Private Limited are the shell companies used by Chinese mastermind Liu Yi to run illegal digital loan APPS.

These shell companies through their network of recovery agents placed Whatsapp and live calls to the victims humiliating/ abusing them with foul language to return the money with up to 5 times the rate of interest within a week.

Earlier, in this case, raids were conducted by EOW Odisha in New Delhi, Mumbai, Bangalore, Hyderabad, and Rajasthan. Five accused persons were arrested and Rs 6.57 crores were frozen from their accounts.

Meanwhile, the Bureau of Immigration (BOI) acting on a request by EOW had issued a Look Out Circular against Liu YI, a Chinese national. Further investigation of the fraud loan App case is underway.

During the investigation, it has been ascertained that these fake loan apps once downloaded in one’s mobile Play Store, small amounts ranging from Rs 3000-5000 are credited through the link or through UPI to the customers’ Bank account. Once the amount is credited to the customer’s Bank account, within a week the customer is asked to repay the amount along with an excessive rate of interest.

On refusal to pay the high rate of interest, the concerned customer is humiliated in many ways. Obscene messages and indecent pictures along with abusive texts are sent to his WhatsApp number and as well as to his contact list.