China Arrests 93 People Suspected Of Laundering $5,6 Billion In Crypto

On September 23, 2022, the Hengyang County Public Security Bureau in China held a news conference to highlight the “100-day operation” of the summer public security crackdown.

According to crypto reporter Colin Wu, who cited Weixin on September 26, nine cases were publicly published, including the “9.15” large money laundering gang, which is accused of using cryptocurrency to deal with money laundering of up to 40 billion yuan ($5.6 billion) and has been involved in over 300 incidents of tele-trafficking.

The entire money-laundering criminal organization led by Hong Mou was disrupted in an online operation that resulted in the arrest of 93 suspects, the destruction of more than ten money-laundering and hiding points, the seizure and freezing of 300 million yuan in funds connected to the case, and the recovery of 7.8 million yuan in economic losses suffered by the victims.

According to another local story, Chinese officials also disrupted a money laundering scheme in Fujian in which thieves utilized digital yuan to launder 200 million yuan.

As CoinCu reported, the illicit enterprise was directed by Zhang Moumou and Lai Moumou. They exploited the national digital money to support criminal activities like gambling, fraud, and so on.

The Chinese government is attempting to boost digital yuan use by spreading the currency into four more provinces: Guangdong, Jiangsu, Hebei, and Sichuan.

Criminal coercive proceedings have been initiated against 93 people, including Hong Mou, in accordance with the law, and the matter is currently being handled.

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