China Arrests 200 Million Yuan For Money Laundering Violation Related To CBDC

Law enforcement in China has busted a 200 million yuan money laundering operation using digital yuan (CBDC).

Authorities in China have put an end to a money-laundering scheme using its central bank’s digital currency (CBDC) that involved 200 million yuan. Local media sites reported that the operation was conducted in the country’s Fujian region after law officials uncovered a hint in August of this year.

The city’s various organizations established a combined task force to handle the situation after they became aware that there seemed to be a money laundering activity going on. Lai Moumou and Zhang Moumou apparently oversaw the operation and used the CBDC to carry out a number of illegal actions.

“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.”

The report wrote

According to the South China Morning Post, PBoC deputy governor Fan Yifei stated at an event in Suzhou on September 20 that the bank will be conducting e-CNY testing in the provinces of Guangdong, Jiangsu, Hebei, and Sichuan.

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