The Bureau of Immigration (BOI) under the Union Ministry of Home affairs has issued a Look Out Circular (LOC) against Chinese national Guanhua Wang, one the main accused in the mega online Ponzi scam.
The LOC was issued on the request of the Economic Offences Wing (EOW) of Odisha Police, an official statement said, adding that a case has been registered under different sections of IPC such as Section 66-C & 66-D IT Act and Section 6 OPID Act.
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The case relates to the pan-India online Ponzi scam involving fraud and siphoning of hundreds of crores rupees out of India using a complex network of mule bank accounts, shell companies/firms and crypto-traders, the official statement said.
40-year-old Guanhua Wang is a resident of flat No.202, No-199, Wensen Road, City-Hangzhou, District-Xihu, state-Zhenjiang of China. In 2019, he formed a company “Bettec Technologies Private Limited” in Bangalore’s Dickenson Road.
The EOW also claimed that he also controls at least two other Bangalore-based companies through his mule directors Gamecamp Solutions Private Limited and Byrontec Technologies Private Limited.
Stating that Wang visited India 6 times in 2019 and 2020, the EOW said he is working/running this scam from China with the help of many India-based associates who look after the managing/ arranging of mule bank accounts, shell companies/firm and crypto-traders, Whatsapp/Telegram group tutors/administrators and also running advertisements using morphed photos of celebrities.
Initial investigations suggest siphoning of more than Rs 100 crore by his company using such methods. EOW has frozen around Rs 70 Lakh from his company’s account.
The EOW has also requested the FIU (Financial Intelligence Unit) to provide details of his other accounts.
In the last one year, EOW Odisha has found at least in 3 cases (including current case) of cyber-financial cases involving frauds of hundreds of crores of rupees being run by the Chinese national.