Ponzi scheme case: Lookout circular against Chinese national

The case relates to the pan-India online Ponzi scam involving fraud and siphoning of hundreds of crores rupees out of India using a network of mule bank accounts, shell firms & crypto-traders

Updated on: Jul 25, 2023, 13:32:21 IST

By Debabrata Mohanty

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The ministry of home affairs has issued a Look Out Circular (LOC) against a 40-year-old Chinese national from Zhenjiang state, who ran a mega online ponzi scheme from China with the help of his associates in India in which they siphoned off at least ₹100 crore from unsuspecting youths using morphed photos of prominent people.

The LOC was issued on the request of the EOW of Odisha Police. (Representative file image)

Officials of the economic offences wing (EOW) of Odisha police said the LOC has been issued against Guanhua Wang, the 40-year-old from Hangzhou city of China’s Zhenjiang province whose Bangalore-based company called “Bettec Technologies Private Limited” ran mobile apps like Dice, Quickwrummy, Fly Aviator, Weonlinepro Three, MVP trader, Ft11, UNO, ForexDana, Live 22 Cash, Aviator X, City5m and Homer Alexander promising the investors to double their money through game shows. Together these Apps had 1.56 Crore + downloads, an EOW case registered earlier this year said.

Also Read:Punjab man arrested for duping 2 Karnal residents of ₹25 lakh

“The LOC was issued on the request of the EOW of Odisha Police,” said inspector general of police of EOW, Jai Narayan Pankaj.

“A case has been registered under Sections 419/420/467/468/471/120-B of IPC, 66-C and 66-D IT Act and Section 6 OPID Act.” Earlier, LOC was issued against four Chinese persons in similar cases.

Pankaj said the accused had siphoned more than ₹100 crore through his company.

According to the police official, Wang had visited India six times in 2019 and 2020 mainly Bangalore. After that, he operated from China with the help of many India based associates who look after the managing of mule bank accounts, shell companies/ firm and Crypto-traders, whatsapp/ telegram group tutors/administrators.

The total transactions in the above suspected bank accounts are of more than ₹1,000 crore.

The IG said EOW has so far frozen around ₹70 lakh from his company’s accounts in 14 different banks.

ABOUT THE AUTHOR
Debabrata Mohanty
Debabrata Mohanty is a senior assistant editor of Hindustan Times who works as state correspondent from Odisha covering the state's politics, governance, public policy, natural disasters, environment and its society for close to three decades. With his long years of reporting from the state capital of Bhubaneswar, Mohanty has been known as one of the most experienced and credible journalists covering Odisha for the national English dailies. His reporting combines on-ground detail with deep institutional knowledge detailing the state's changing politics, governance issues, administrative reforms and the functioning of its public institutions. He has regularly reported on issues ranging from legislative developments and public policy implementation. Politics is his core areas of expertise as he closely tracks Odisha's political landscape, including the rise and transformation of the Bharatiya Janata Party (BJP), the Biju Janata Dal (BJD), the two principal political parties in Odisha. His long association with the state's political establishment enables him to write on contemporary developments in a larger political context. Mohanty takes a deep interest in writing human interest stories, environmental issues and documenting the impact of cyclones, floods, heatwaves, and other climate-related events in one of the most disaster-prone states. His coverage extends to public health, governance reforms and stories on accountability of government institutions. Before joining Hindustan Times, Mohanty worked with The Indian Express, Mail Today, and The Telegraph, where he covered at least six general elections and as many assembly elections. In 2007, he was selected for the prestigious Chevening Young Indian Print Journalist Programme at the University of Lincoln, United Kingdom, where he received advanced training in print journalism. In 2009 he won the Press Institute of India-International Committee of Red Cross award on conflict reporting for his on-ground reportage of 2008 Kandhamal riots.Read More