The bureau of immigration on Tuesday issued a look out circular against a Chinese national Liu Yi, a key accused in illegal digital loan app case, on the request of the Economic Offences Wing of the Odisha crime branch.

He cheated lakhs of people using these illegal digital loan apps.

In a press release, the EOW said: “Liu 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 and few others.”

According to the release, Liu Yi has cheated/extorted lakhs of people across the country, particularly targeting lower middle class people in need of small loans, especially during the difficult time of Covid. About the modus operandi, the crime branch said: “These fake loan apps once downloaded in one’s mobile play store, small amounts ranging from Rs 3,000-10,000 is credited in the customer’s bank account. Once the amount is credited to the customer’s bank account, within a week the customer/borrower is asked to repay the amount with an excessive rate of interest.”

It further said that, “On denial to pay the high rate of interest, the concerned customer is humiliated/bullied in many ways. This process of recovery is so overbearing and humiliating that there are some instances of the customers committing suicide.”

About Liu Yi, the EOW said: “Liu Yi started his illegal business in India in 2019 from Bangalore. His parent company was Jianbing Technology in Hangzhou China. He is the director of Omlette Technology Private Limited but indirectly controls/owns other companies such as Yellow Tune Technologies private limited Mudmate Technologies Private limited Pinkleaf Aryan communications private limited Techlite development private limited URELA Technologies Private limited. Latterfun Technologies Private limited. IWT India Ocean Trading. There are at least two more Chinese who used to assist him in his scam.”

Stating that the group is running such illegal loan apps in other countries too, especially in Thailand, the EOW said it has already arrested five accused accomplices of the Chinese mastermind. “EOW is in touch with various state police and has conducted raids in Mumbai, Bangalore and Delhi. More than Rs 6.57crore has been frozen,” it said in the press release.Look out circular is generally issued to alert immigration check posts at airports/seaports etc. to alert law enforcement agencies if the wanted person tries to leave the country or arrives inside the country from abroad.