Look out circular issued against Chinese illegal loan app operator
Bhubaneswar: The Immigration Bureau has issued a look out circular against Chinese national Liu Yi for his alleged involvement in duping people through digital fake loan apps at the request of Economic Offences Wing, Bhubaneswar, police said.
Yi is the main accused in a case lodged in EOW police station on April 21, 2022, under various sections of the IPC and IT Act.
The EOW has already arrested five accused accomplices of Yi and is in touch with various state police on his illegal activities, a release by it said.
It has conducted raids in Mumbai, Bangalore and Delhi and has frozen more than Rs 6.57 crore.
A look out circular is generally issued to alert immigration check posts at airports and seaports to alert law enforcement agencies if the wanted person tries to leave the country or arrive in it from a foreign place.
A statement issued by the 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, Speedy rupee Loan, Xpress credit Loan, Kredit Plan loan, Rupee Day Loan among others.
The EOW said that there are more than 1.5 lakh downloads in one of the apps and it is suspected that lakhs of people across the country, particularly those from the lower middle class in need of small loans, especially during difficult times of COVID, have been cheated or extorted of their money.
