EOW Issues Supervision Circular Against Chinese National in Illegal Digital Loan Application Case


Bhubaneswar: The Bureau of Immigration (BOI) today issued a watch circular against LIU YI, the main defendant in the illegal digital loan app case, at the request of the economic offenses wing (EOW) of Odisha’s crime branch here.

According to a news release issued by the National Crime Agency, EOW PS Case (No-9, dated 21.04.2022, U/s 294/506/507/420/467/468/120 of the ‘IPC and 66(D) Computer Act has already been registered in this regard.The Chinese national used to run many illegal digital loan applications in India such as: KOKO Loan, JOJO Loan, Golden Lightening Loan, Silver Kredit Loan, Gold Cash Loan, Little Borrow Loan, Tap Credit Loan, Kredit Bear Loan, Speedy Rupee Loan, Xpress Credit Loan, Kredit Plan loan, Rupee Day Loan and some others, the EOW statement said.

Meanwhile, in order to contain these types of crimes and raise public awareness, EOW has advised people not to take loans from unregistered and illegal loan apps available on the internet and Google Play Store.

Under the guise of advancing a loan, loan apps access and hack all of the customer’s phone information, which is then used by the company to carry out another financial crime. These loan apps also harass customers by not only charging high interest but also for non-repayment, the crime agency said in its notice.

It is worth mentioning that in a single app there are more than 1.5 lakh downloads. It is suspected that LIU YI deceived and extorted thousands of people across the country. It particularly targeted lower-middle-class people who needed small loans, especially during the difficult time of the Covid-19 outbreak.

In some states, many people have committed suicide after being blackmailed.

The fraudster had started his illegal activity in India in 2019 from Bangalore. Its parent company was Jianbing Technoloy located in the city of Hangzhou in China. He is the director of Omlette Technology Private Limited, but indirectly controls and owns a few other companies.

There are at least two other Chinese who helped LIU YI in his scam.

In this case, the EOW has already arrested five accomplices of the Chinese mastermind. EOW is in contact with different state police and has carried out raids in Mumbai, Bangalore and Delhi.

Over Rs 6.57 Crore has been frozen so far.

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