Mega online ponzi scam: BOI issues look out circular against Chinese national

The Bureau of Immigration (BOI), Ministry of Home Affairs, has issued a Look Out Circular (LOC) against one Guanhua Wang, the main accused in mega online Ponzi scam. The LOC has been issued based on the request of the Economic Offences Wing (EOW), Odisha.

The EOW had earlier registered a case related to a huge pan-India online ponzi scam involving fraud and siphoning of crores of rupees out of India using a complex network of mule bank accounts, shell companies/ firms and Crypto-traders.

The accused, Guanhua Wang (40) had formed a company -“Bettec Technologies Private Limited” in 2019 based in Dickenson Road, Bangalore. He also controls at least two other Bangalore-based companies through his mule directors.

As per EOW, Guanhua Wang visited India nearly six times in 2019 and 2020 mainly in Bangalore. After that, he is running this scam from China with the help of many India-based associates.

The associates look after the managing/ arranging of mule bank accounts, shell companies/firms and Crypto-traders, WhatsApp/ telegram group tutors/administrators and also running Ads using the morphed photos of celebrities.

“Initial investigations suggest siphoning off more than 100 crores by his company using the above methods. EOW has frozen around Rs 70 lakh from his company’s account. FIU (Financial Intelligence Unit) has been requested to provide details of its other accounts,” said EOW.