Inner Mongolian Authorities Detected A 12 Billion Yuan Money Laundering Fraud In Cryptocurrencies
December 10th, Tongliao, Inner Mongolia (Reporter Zhang Linhu) The Horqin Branch of Tongliao Public Security Bureau, Inner Mongolia Autonomous Region, told the reporter on the 10th that it took three months to destroy a money laundering gang that used blockchain to exchange digital virtual currency. 63 criminal suspects were apprehended, and the gang laundered up to 12 billion yuan in cash (RMB, the same below).
After receiving the clues, the Horqin Branch of the Tongliao Public Security Bureau formed a special case team to investigate the people involved, the hiding site of the funds transfer, the background data, and the operation and maintenance employees, beginning with the Shimouyuan bank card.
According to the inquiry, the gang is a gang that exploits digital virtual currency transactions to assist domestic and foreign criminal organizations in money laundering. Beginning in May 2021, the gang used offshore chat software to recruit offline employees in series, converted monies suspected of online pyramid schemes, fraud, gambling, and other crimes into virtual digital currency, and then registered anonymous blockchain through a large number of unlawful individuals recruited. The account address is converted into RMB and given to the upstream criminal group in order for them to get illicit profits from it.
At the same time, the gang has established dens all throughout the country. The money laundering duty will be assigned to several money laundering teams after “getting the order,” and the team leaders will recruit low-level employees to carry out money laundering operations. After each money laundering job, gang bosses, team leaders, cashiers, and other levels collect commissions. It’s worth noting that the criminal organization used virtual currency transactions to launder up to 12 billion yuan.
At the moment, 63 criminal suspects have been subjected to criminal coercive measures in accordance with the law, and the matter is being investigated further in Inner Mongolia.
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