Vikash Sharma

The Bureau of Immigration (BoI) has issued a Look out Circular (LOC) against accused Md. Saif of Shaheen Bagh, Delhi, who is said to be the mastermind in an international ponzi-cum-betting racket. The LOC has been issued by the BoI at the request of the Economic Offences Wing (EOW) of the Odisha Crime Branch which is investigating the case.

The case is against 18football.com which was earlier registered by some 800 duped investors from Ganjam district. 18football.com is a hybrid model of fraud where Ponzi scheme (Multi-level Marketing) was being allegedly run online by giving the name of football betting/gaming APP.

Earlier, the Economic Offences Wing (EOW) had busted the biggest online ponzi-cum-betting rackets which had duped investors from Odisha’s Ganjam and other parts of the country. The online ponzi-cum-betting racket was being run from China and Dubai.

Two accused- Rustam Khan and Md. Hakim, who are the Directors of a shell company- Hakim & Rustam Fabrics Private Limited, Kolkata, were arrested in this connection on February 22.

As per senior EOW officials, the fraud by 18football.com has got all India ramifications, and the fraud amount involved is suspected to be more than Rs 1000 crore, out of which EOW has been able to trace transactions of approximately Rs 300 crore till now.

“Anyone giving credible information leading to the arrest of Md. Saif will be suitably rewarded. The information can be given on Mobile No. 8249600495. The name/details of the informer will be kept secret,” the EOW said.

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