<p>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.</p>.<p>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.<br /><br /><strong>Also Read | <a href="https://www.deccanherald.com/national/east-and-northeast/ed-arrests-kolkata-businessman-in-ponzi-case-1238222.html">ED arrests Kolkata businessman in ponzi case</a></strong></p>.<p>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.</p>.<p>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.</p>.<p>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.</p>.<p>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.</p>.<p>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.</p>.<p>The EOW has also requested the FIU (Financial Intelligence Unit) to provide details of his other accounts.</p>.<p>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.</p>
<p>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.</p>.<p>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.<br /><br /><strong>Also Read | <a href="https://www.deccanherald.com/national/east-and-northeast/ed-arrests-kolkata-businessman-in-ponzi-case-1238222.html">ED arrests Kolkata businessman in ponzi case</a></strong></p>.<p>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.</p>.<p>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.</p>.<p>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.</p>.<p>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.</p>.<p>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.</p>.<p>The EOW has also requested the FIU (Financial Intelligence Unit) to provide details of his other accounts.</p>.<p>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.</p>