According to a report from a local media outlet, three days ago, a local police station in China apprehended criminal suspects who utilized cryptocurrencies to launder more than $5 billion by first converting RMB engaged in fraud and gambling into crypto and then exchanging it back into U.S. dollars for money laundering.
The statement from authorities stated:
The criminal gang headed by Lai Moumou and Zhang Moumou is suspected of using digital RMB, digital RMB accounts, and virtual currency to provide illegal fund settlement services for overseas gambling, electronic fraud, and other criminal activities. The amount of money is huge, and there are many people involved in the case, which are distributed in 13 provinces across the country.
In China, the Hengyang County Public Security Bureau held a press conference to explain the “100-day operation” of the summer public security crackdown. The meeting lasted for one hundred days. According to the article, nine instances were made public.
One of them was the massive money laundering gang known as “9.15,” which is suspected of utilizing cryptocurrencies to facilitate the laundering of up to 5.5 billion yuan worth of illicit funds and has been involved in over 300 incidences of tele-trafficking.
According to the findings of the investigation, beginning in 2018, the criminal gang led by the criminal suspect Hong Moumou has been in contact with the collection and payment points in many cities throughout China.
They have converted illegal funds, such as those obtained through fraud and gambling, into crypto money and then change it into US dollars for laundering. Finally, they have used a number of domestic companies to use illegal remittance methods in order to rapidly and securely distribute the funds to many other gold owners, and acquire illegal benefits.
