Chinese police arrest crypto criminals for laundering over $5B
As the nation increases measures to curb illegal financial flows, Chinese police have dismantled a huge criminal organization reportedly responsible for a 40 billion yuan (US$5.6 billion) crypto money laundering case.
In a nationwide law enforcement operation known as “Hundred-day Action,” police in the Hunan province of southern China said on Monday that they had detained 93 suspects across the nation, busted over 10 physical sites, seized more than 100 electronic devices, and frozen about 300 million yuan related to the case.
According to crypto reporter Colin Wu, who cited Weixin on 26 September, nine cases were made public, and one of them involved the “9.15” large money laundering gang, which is accused of using cryptocurrency to deal with money laundering of up to 40 billion yuan ($5.6 billion) and has been involved in over 300 instances of tele-trafficking.
The entire money-laundering criminal organization headed by Hong Mou was dismantled as a result of an online operation that netted 93 suspects.
It led to the destruction of more than 10 money-laundering and hiding locations, the seizure of more than 100 mobile phones and computers related to the case, the seizure and freezing of 300 million yuan in funds related to the case, and the recovery of 7.8 million yuan in economic losses sustained by the victims.
The investigation’s findings indicate that since 2018, criminal gangs controlled by the suspect Hong have contacted collecting and payment platforms located throughout China, converted illicit winnings from gambling and fraud into cryptocurrencies, and then cashed them out in U.S. dollars for whitewashing.
Numerous domestic enterprises in China have also started using illegal remittances as a quick and secure way
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