GuShiio.com GuShiio.com learned that according to CCTV, police in Yanbian, Jilin Province, China, recently cracked an underground bank case involving more than 1 billion yuan and involving 10 provinces across the country, arresting more than 20 suspects. The criminal network operates through a family-style operation and uses overseas companies as a cover to buy low and sell high on the foreign exchange black market, earning exchange rate differences. The main suspect, Zhang Liang, confessed that the gang borrowed foreign exchange funds from peers or used virtual currency to replace them, purchased virtual currency domestically and then sold it overseas to realize cross-border transfer of illegal funds. The police counted the flow of funds in underground bank cases investigated from 2020 to 2023 and found that most of them involved labor, commerce, and tourism funds, while the rest involved illegal and criminal activities such as fraud and corruption.
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