Odisha Loan App Fraud: Lookout Notice Against Chinese Citizen | Bhubaneswar News – Times of India

The EOW, which is probing allegations of fraud and harassment by a cocoa loan app operator in Odisha, said 33-year-old Liu Yi masterminded the fraud.

BHUBANESWAR: Bureau of Immigration has issued a Lookout Circular (LOC) against a Chinese citizens in connection with the Coco Loan App Fraud Caseafter a request from economic offense Wing here.
EOW is probing allegations of fraud and harassment by Coco Loan app operator Orissa33 year old said liu yi The mastermind of the fraud.
“We learned that Yi ran several illegal loan apps in India. Cocoa, JoJo, Golden Lightning Loan, Silver Credit Loan, Gold Cash Loan, Little Borrow Loan, Tap Credit Loan, Credit Bear Loan, Speedy Rupee Loan, Express Credit JN Pankaj, Deputy Inspector General, EOW said, Loans and Credit Scheme are some suspicious apps created by Loan Yi to dupe and harass people.
The probe agency said Yi, along with two other Chinese nationals, started their illegal business in Bangalore in 2019. Their parent company was Jianbing Technology in Hangzhou, China. He is also the director of several other fake firms.
Illegal loan apps are providing instant short term loans to the people. They send bulk messages to people and insist on downloading their apps for instant loans without any verification. After downloading the apps, users are essentially asked to allow the apps access to their contact lists. The users are then asked to fill the KYC form including the account number to get the loan amount.
Within minutes, the loan amount is credited to the applicants’ accounts. After this the company starts harassing the applicants. Their agents force the borrowers to repay three times the loan within a few days. “When borrowers ignore their calls and messages, the apps hack their contact list and send abusive and obscene messages to their acquaintances,” Pankaj said. Many such victims have committed suicide in some states.
EOW recently wrote to Google seeking the removal of at least 45 such fraud loan apps from its Play Store. The agency has so far arrested five people- Mohammad Javed Saifi (from Ghaziabad), Tarun Dudeja (Gurgaon), Ram Shriram Pathade (Mumbai), Rakshit and Sushant (both from Karnataka) in connection with the Cocoa Loan app fraud.