Chinese Police Catches a Group Having Allegedly Laundered $7B in Crypto
On the 23rd of September, a press conference was conducted by the Hengyang County Public Security Bureau (a local Chinese police agency) regarding a crackdown by public security. At the respective conference, they reported up to nine different cases taking into account an astonishingly big criminal case of money laundering (which was the first of its kind). In that case, a group of people was involved to collaboratively carry out the whole incident.
A Criminal Group Gets Caught by Chinese Police for Laundering $7B in Crypto
The suspects are accused of utilizing virtual asset transfers for money laundering of approximately 40B yuan. They have also allegedly been involved in almost 300 cases dealing with wire fraud. This has been done with the comprehensive attention as well as the complete authority of Liu Xiaolong, the party committee’s secretary, the director of the security bureau of the county public, as well as Hengyang County People’s Government’s governor.
Under this lead, the Hengyang County Public Security Bureau’s group began with the fraud of nearly 7.8M done by Liu Mou. After that, they carried out an in-depth investigation as well as drew a judgment on the accurately studied network collection activities in Jiangxi, Fujian, Guangdong, Hainan, as well as the rest of the areas. That was how the team caught approximately ninety-three criminal suspects along with the destruction of the laundered money.
Nearly a hundred mobile phones, as well as computers, got seized during the respective case and there was an involvement of approximately 300M worth of yuan that was seized. In addition to this, almost 7.8M yuan (which were lost) were recovered by the security agency to be given to the victims. Following the investigation, the criminal group under the lead of Hong Moumou (a criminal suspect) transferred criminally gained funds into crypto and then converted them to cash in the USD for whitewashing.
Chinese Security Agencies Take Criminal Compulsory Actions against the Group
Moving on, they utilized several domestic firms to utilize the illegal remittance means to securely and rapidly provide the funds to the rest of the financial owners for getting illegitimate benefits. More or less a $40B amount has been laundered by the criminal group with the utilization of crypto transfers. At the moment, criminal compulsory actions have been launched against the suspected ninety-three people (among whom Hong Mou is also included) in line with the law of the jurisdiction.
