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The Municipal Public Security Bureau of Chengdu in Sichuan Province, with the assistance of colleagues, stopped the activities of an underground cryptocurrency bank that provided financial services to smugglers and those who want to withdraw assets abroad. This is reported by local media.
To evade national currency supervision, the suspects used USDT in their activities, conducting a total of 13.8 billion yuan (more than $1.9 billion) in payment transactions.
According to the investigation, the network has been operating since January 2021 in 26 provinces of the country. The business engaged in illegal transfer of funds abroad, exchange of foreign currency to smuggle medicines and cosmetics, purchase of assets abroad, and also cooperated with third-party companies for tax refund fraud.
Law enforcement officers arrested 193 suspects in 26 provinces of the country, including the organizers of the group Lin, Weng and Chen. A large number of bank cards and other payment instruments were seized. Funds worth 149 million yuan ($20.6 million) were frozen.
The defendants are charged with financial fraud, smuggling of goods, in particular prohibited substances, reimbursement of export taxes and other criminal acts.
The case is currently being held at the Chengdu Municipal People's Prosecutor's Office to prepare an indictment and submit it to the court.
To evade national currency supervision, the suspects used USDT in their activities, conducting a total of 13.8 billion yuan (more than $1.9 billion) in payment transactions.
According to the investigation, the network has been operating since January 2021 in 26 provinces of the country. The business engaged in illegal transfer of funds abroad, exchange of foreign currency to smuggle medicines and cosmetics, purchase of assets abroad, and also cooperated with third-party companies for tax refund fraud.
Law enforcement officers arrested 193 suspects in 26 provinces of the country, including the organizers of the group Lin, Weng and Chen. A large number of bank cards and other payment instruments were seized. Funds worth 149 million yuan ($20.6 million) were frozen.
The defendants are charged with financial fraud, smuggling of goods, in particular prohibited substances, reimbursement of export taxes and other criminal acts.
The case is currently being held at the Chengdu Municipal People's Prosecutor's Office to prepare an indictment and submit it to the court.