Loan Application Fraud: Stateeow Launches Manhunt for 3 Chinese Citizens | Bhubaneswar News

Bhubaneswar: The Economic Crimes Wing (EOW) launched a manhunt for three Chinese men, for allegedly cheating scores in Odisha and other states by offering instant loans through an illegal mobile app, called Kredit Gold.
The Bureau of Immigration (BOI) has issued lookouts against Shen Zhenhua a.k.a TonyQuan Hongwei alias Paul (both from Jiangsu Province) and Yang Haiying aka Sichuan Doris in China.
“The investigation indicates that the three Chinese nationals also committed loan scams in Indonesia, Sri Lanka, Pakistan, Nepal and Bangladesh. They also have ties to the United States and Hong Kong. They are in expanding their financial criminal network in African and West Asian countries, they are operating in India in collusion with many shell companies,” said Deputy Inspector General (EOW) JN Pankaj.
The move comes shortly after the EOW took the assistance of the BOI to issue a Supervisory Circular (LOC) against a Chinese national in connection with a Koko loan application fraud.
It comes two days after the state’s criminal branch arrested Nitin Mallik, a Delhi businessman, for his links to the three Chinese nationals and helping them run the illegal Kredit Gold app in the country.
Although the exact amount of the fraud is yet to be determined, it is believed to be in the several crores.
The Chinese trio also took the help of some unscrupulous telecom company officials, chartered accountants and company secretaries to execute hundreds of illegal digital loan applications. After granting instant loans, the accused pressured the loanees to repay the money at an exorbitant rate of interest. They would continue to up the ante and start sending abusive messages to loanees’ contacts.

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