The Bureau of Immigration carried out raids in Mumbai, Bangalore and Delhi and froze over Rs 6.57 crore.
The immigration bureau has issued a surveillance circular against Chinese national Liu Yi for his alleged involvement in deceiving people through fake digital lending apps at the behest of the economic offenses wing, Bhubaneswar, the state said. police.
Yi is the main defendant in a case filed at the EOW police station on April 21, 2022, under various articles of the IPC and IT law. The EOW has already arrested five accused accomplices of Yi and is in contact with various state police about his illegal activities, a statement said.
He carried out raids in Mumbai, Bangalore and Delhi and froze over Rs 6.57 crore.
A surveillance circular is usually issued to alert immigration checkpoints at airports and seaports to alert law enforcement if the person sought attempts to leave the country or arrive there from a foreign country.
A statement released by EOW said that Yi used to run many illegal digital loan apps in India like KOKO Loan, JOJO Loan Golden, Lightening Loan, Silver Kredit Loan, Gold Cash loan, Little Borrow, Loan Tap, Credit Loan, Kredit bear Loan, fast rupee loan, Xpress credit loan, Kredit Plan loan, Rupee Day loan among others. The EOW said there were over 1.5 lakh downloads in one of the apps and it is suspected that lakhs of people across the country, especially those in the lower middle class in need of small loans , especially during difficult times of COVID, have been cheated or extorted out of their money. He said Yi, whose parent company Jianbing Technology was in Hangzhou China, launched his illegal business in India in 2019 from Bangalore. He is a director of Omlette Technology Private Limited and indirectly controls and owns other front companies.
The statement said there are at least two other Chinese who aided Yi in the scam. They used to make employees of Yi or any vulnerable and needy person administrators of the shell companies, but they actually controlled and managed the companies and the bank accounts. They also used numerous call centers to make abusive and threatening calls to people on loan.
It is suspected that they also run such illegal loan apps in other countries, especially in Thailand, he said.
Once the fake loan applications were uploaded to a customer’s mobile game store, a small amount ranging from Rs 3,000 to Rs 10,000 was credited to his bank account. Within a week, the customer or the borrower is asked to repay the amount at an excessive rate of interest.
If the person refuses to pay the high interest rate, they are humiliated and intimidated in several ways, the EOW said.
Obscene messages and indecent images along with abusive texts in filthy languages are sent to his Whatsapp number and as well as his contact list as a coercive measure to recover the loan amount with interest. This recovery process is so overbearing and humiliating that there are cases of clients committing suicide, according to the EOW statement.
There have already been over 1.5 lakh downloads of KOKO and JOJO loan apps and EOW has received over 100 complaints from Odisha regarding Yis’ illegal and abusive activities. The EOW has issued a notice on illegal lending apps to contain them and raise awareness about their use. If anyone has ever downloaded or used the illegal lending apps, they should not tolerate any harassing behavior but report the matter to the police.
(Except for the title, this story has no editing by federal government staff and is published automatically from a syndicated feed.)