China arrested a gang of 63 people who used cryptocurrency to launder money – about $1,72 billion
According to 163.com on December 11, the Inner Mongolia (China) police arrested a gang of 63 people who used cryptocurrency to launder money, involving an amount of 12 billion yuan (1.724 billion US dollars), and some of the main suspects were arrested from Thailand.
In July 2022, the Public Security Department of the Inner Mongolia Autonomous Region issued an early warning to the Horqin Branch of the Public Security Bureau of Tongliao City. The warning said that the construction bank card funds flow of Shimouyuan (a Chinese ATM card) was anomalous, and the monthly transaction volume was more than $1.4 million, both of which were suspicious indicators of money laundering.
After doing an investigation and making a lot of research, they discovered that the criminal gang included members from a number of different provinces, autonomous regions, and cities around the country.
From September to October 2022, the task force dispatched 230 police officers to 17 provinces, autonomous regions and municipalities including Heilongjiang, Guangdong, Beijing, and Henan to start closing the net, and will arrest the main criminal suspect Zhang Mou who fled to Bangkok, Thailand, as well as technical operators. The Uygur personnel were advised to return to the country. So far, the huge money laundering gang headed by Ji and Zhang who used the network blockchain to exchange digital cryptocurrency was destroyed, 63 criminal suspects were arrested, and a total of about 18,6 million US dollars of illegal income was confiscated.
At present, 63 criminal suspects have taken criminal coercive measures according to law, and the case is under further investigation.
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