Chinese police for money laundering cryptocurrency arrested a 63-member gang using US$1.7 billion in money laundering, and some of the main suspects were also caught in Thailand.
According to the statement made by the Korqin Branch of the Inner Mongolia Autonomous Region Tongliao City Public Security Bureau, the work on the criminal group in question had been going on for three months.
Caught Chinese Gang Laundering Money With Cryptocurrencies
In July 2022, the Inner Mongolia Autonomous Region Department of Public Security informed the Korqin Branch of the Tongliao City Public Security Bureau that Shi Mouyuan’s construction debit card funds were abnormally flowing, and the monthly flow transactions amounted to more than 10 million yuan, and money laundering crimes were suspected. warned.
After the investigation and trial, many people from many provinces, regions and cities took part in the gang formed by Shi Mouyuan.
Receiving this clue, Tongliao Public Security Bureau Korqin Branch formed a task force to find the relevant personnel, the flow of funds used to hide his destination, background data, and operations and maintenance personnel, starting with Shi Mouyuan’s debit card.
So far, the mega money laundering ring led by Ji and Zhang, which uses the blockchain to buy and sell cryptocurrencies, has been disbanded, 63 suspects have been arrested, and a total of around 130 million yuan of illegal income has been seized.
The gang has been identified as a group that uses cryptocurrency transactions to aid in money laundering by domestic and foreign criminal groups.
It was learned that the criminal organization used crypto money to launder a total of 12 billion yuan ($1.7 billion).
*Not investment advice.
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