380 Chinese criminal groups were arrested for cryptocurrency laundering and telecom frauds

According to BBT News, more than 380 criminal groups were detained by the Ministry of Industry and Information Technology and the National Anti-Fraud Center in China and Beijing this year.

Over 380 criminal groups that had used crypto for money laundering and in telecom frauds

Under the guidance and sponsorship of Alipay owned by e-commerce giant Alibaba, from January to May this year, this campaign cracked down to 114,000 cases of telecom network fraud were cracked down, over 14,000 gangs were destroyed in various corners of the country, a significant increase over the same period last year.

In May this year, there were 84,600 cases of telecommunications network fraud, down 14% compared to the previous month, the rate of high cases has been curbed to a certain extent.


Head of the National Anti-Fraud Center, Zhang Shuo delivered a speech at the meeting

Shuo shared the statistics of the rising amount of cybercrime, money laundering made using cryptocurrencies, telecommunication frauds, etc.

Since the beginning of this year, the national public security organs have organized superior police forces to solve the problem, destroying more than 6,500 domestic fraud dens, and cracking 881 cases worth more than 1 million yuan.

Over 2,400 suspects were detained by the police. Around 380 gangs focused on tech platforms and crypto money laundering was destroyed. Besides, over 3.73 million fraudulent sim cards and over 560,000 fake bank cards were confiscated.

“We have also fully carried out early warning and prevention. Under the current situation, we believe that telecommunications network fraud crimes are preventable crimes. The aftermath is not as good as precautions. It is better to solve the case faster than not to file, and to recover more money than to be deceived. The public security organs have always been Adhere to both fighting and prevention, and prevention first,” Shuo stated.

In addition, since April, the national public security organs and various departments have organized a centralized anti-fraud propaganda month, carried out 13,000 thematic propaganda events, distributed 690 million propaganda materials.

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