According to a Chinese report, the Public Security Bureau of Tongliao City has successfully apprehended a money laundering gang responsible for siphoning over 12 billion Yuan, equivalent to $1.7 billion, using crypto.
The clampdown is the culmination of a risk alert from the Inner Mongolia Autonomous Region’s Public Security in July 2022 about suspicious transactions on a construction bank’s card. The report noted that Shi Mouyuan experienced an irregular monthly transaction volume of more than $1.5 million, suspected of money laundering.
Before they could detain the 63 suspects, including the leaders, Zhang and Ji, the task force comprising 230 police officers spent three months scouring 17 provinces, cities, and autonomous areas.
Authorities further revealed that the group has been active since May 2021, amassing illicit wealth through fraud, pyramid scams, gambling, and other illegal pursuits and using crypto to mask their exploits. Notably, the police recovered over $18 million from the suspects.
In September, the Hengyang County Publi …
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Source: Cryptocurrency - investing.com
