The Chinese state authorities have been able to successfully broke down the billion-dollar money laundering crypto networks operating in China and internationally. This massively operating money laundering ring has been carried out in the form of a scheme in China.
Who was involved in the money laundering scheme in china?
The state police in the inner Mongolia region of China have arrested more than 60 people Who were involved in an association that was working with the scheme and was working on laundering approximately 12 billion yuan which is approximately $1.7 billion.
These funds wear initially diverted from the construction firm Shi Mouyuan and then it was converting these funds into online pyramid schemes which were executed in the form of frauds and similar processes like gambling along with some other online criminal activities into the virtual digital currency.
A detailed investigation of the money laundering issue was initiated by the Horqin Branch of the Tongliao Public Security Bureau in China. This investigation latest spanned up to 17 provinces in China. One of the key suspects in this money laundering issue Zhang Mou is said to have fled to Bangkok during the investigation process.
The Government of China has already banned the use of any type of cryptocurrencies in the complete Territory of China since the year 2021. In recent times one of the provinces of China Hong Kong has established its new regime for the regulation of cryptocurrency exchange in China.
The Chinese state police were investigating this gang involved in this pyramid scheme for approximately three months. A detailed investigation into this pyramid scheme showed that this gang was spread across multiple provinces and cities in China and some of the members were also active from the faraway land of Thailand.
In total, approximately 230 police officers were involved in this three months investigation and in approximately 17 provinces and cities along with some autonomous regions investigations were carried out in detailed investigations, and 63 total suspects were found by the state police authorities of China.
After the complete evaluation of the case, the Chinese authorities have mentioned that this pyramid scheme was operated by this gang since May of last year, 2021 and they have been involved in illicit activities such as gambling, frauds, and some crypto pyramid schemes.
This gang has been using the Crypto assets for doing all the money laundering operations of all the wealth created in this process. such times of money laundering schemes have been prevalent in china and recently chinses authorities arrested a gang with 40 million yuans.