Surveillance circular issued against Chinese national in fraudulent loan application scam
Bhubaneswar: At the request of the Economic Offenses Wing (EOW) of the Odisha Police, the Bureau of Immigration (BOI) issued a surveillance circular against Liu Yi, a Chinese national and main accused in a scam mobile loan application, police said Tuesday.
The accused used to run many illegal mobile loan apps like 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 Arrange a loan, etc.
In a single app, there are more than 1.5 lakh downloads. It is suspected that they deceived/extorted thousands of people across the country and targeted in particular lower middle class people who needed small loans, especially during the difficult time of the Covid-19 pandemic, have EOW officials said.
The Chinese national had started his illegal activity in India in 2019 from Bengaluru. Its parent company was Jianbing Technology in Hangzhou China. He is the director of Omlette Technology Private Limited, but indirectly controls/owns eight other companies, including IWT India, Ocean Trading, Yellow Tune Technologies Private Limited and Techlite Development Private Limited, they said.
EOW officials also suspect that there are at least two other Chinese people who aided him in his scam. They used to make employees or anyone in need administrators of shell companies, but they actually controlled the companies and the bank accounts.
Look Out circular issued against a certain Liu Yi, a Chinese national, mastermind/principal accused in an illegal digital lending APP case. He used to operate more than 10 loan apps including KOKO/JOJO APP, mentally harassing/torturing loanees through recovery agents. @odisha_police @CIDOdisha pic.twitter.com/q16zBovv9O
— Economic Crimes Wing (@EOWODISHA) July 12, 2022
They used numerous call centers to make abusive calls to loanees. It is suspected that they also run such illegal loan apps in other countries, particularly in Thailand, the officials said.
In this case, the EOW has already arrested five accused accomplices of the Chinese mastermind. EOW is in contact with various state police and has carried out raids in Mumbai, Bengaluru and Delhi, and frozen Rs 6.57 crore.
During the investigation, the EOW discovered that the apps offered small loan amounts ranging from Rs 3,000 to Rs 5,000 to its customers through their bank accounts through UPI or a link.
Once the money was credited to the customers’ bank accounts, the managers of the two apps would ask them to repay the loan amount at a high interest rate within a week. When customers confronted them about the high interest rate, the defendant was abusing the customers, they added.
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