Chinese Police Dismantle $1.7 Billion Crypto Money Laundering Gang

Major Crypto Money Laundering Bust in China

Chinese authorities have successfully dismantled a major money laundering operation, arresting a gang responsible for laundering approximately $1.7 billion using cryptocurrency. This crackdown is a significant achievement for the Public Security Bureau of Tongliao City, culminating after intense investigations.

Extensive Investigation Across Provinces

The operation involved 230 police officers who worked tirelessly over a span of three months. Their efforts covered 17 provinces, cities, and autonomous areas across China. This thorough investigation followed a risk alert issued in July 2022 by the Inner Mongolia Autonomous Region’s Public Security. The alert was triggered by suspicious transactions identified on a construction bank’s card, leading to the discovery of irregular monthly transactions suspected to be linked to money laundering activities.

Arrest of Key Suspects

Police successfully apprehended 63 suspects, including the leaders identified as Zhang and Ji. The gang has been active since May 2021, engaging in various illegal activities such as fraud, pyramid schemes, and gambling. They cleverly used cryptocurrency to conceal their illicit operations, amassing a substantial amount of money.

Recovery and Legal Actions

Authorities have managed to recover over $18 million from the suspects. This operation marks a significant step in combating financial crimes facilitated by digital currencies. The Chinese government remains vigilant in its efforts to curb illegal financial activities and protect the integrity of its financial system.

Conclusion

This successful operation highlights the proactive measures taken by Chinese authorities to address the growing challenge of cryptocurrency-related crimes. By dismantling this sophisticated money laundering network, China reaffirms its commitment to maintaining financial security and enforcing the law against cybercriminal activities.