Chinese police smashed a money laundering gang using virtual currency, involving more than 800 million yuan
Guangming Net reported that in July of this year, Beijing police discovered during an investigation into a case of embezzlement that suspect Zhang had transferred more than 20 million yuan in criminal proceeds through an overseas underground bank, causing serious losses to private enterprises. Through analysis of suspicious transactions, the police gradually identified more than a dozen accounts associated with Lu and found that they had transferred a large amount of unknown funds overseas over a period of more than three years, involving more than 800 million yuan.
After investigation, the police found that Lu and his criminal gang provided funding channels for crimes such as telecommunications fraud and online gambling, and upstream criminal gangs often used virtual currency "exchange" and other methods through Lu and others to purchase virtual currency from coin traders and speculators using RMB funds in China, and then sold the virtual currency to overseas sellers through overseas virtual currency platforms to obtain foreign exchange, thus achieving the goal of transferring illegal gains from China to overseas.
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