Chinese authorities have arrested 63 members of the gang who allegedly laundered 12 billion yuan.
According to the news of China News, Inner Mongolia police carried out an operation against the gang who laundered 12 billion yuan ($1.7 billion).
China Fights Money Laundering Gang
After an investigation into unusual money flows from construction firm Shi Mouyuan, authorities discovered a vast network of internationally operating “online ponzi schemes converting funds suspected of fraud, gambling and other crimes into virtual digital currency.”
Led by the Horqin Branch of the Tongliao Public Security Bureau, the investigation covered 17 provinces of the country. A suspect named Zhang Mou fled to Bangkok.
China officially banned the use of cryptocurrencies in 2021. Hong Kong drafted a new draft to regulate cryptocurrency exchanges earlier this week.
35710
