Chinese Authorities Bust 93 for Crypto Money Laundering Worth RMB 40 Billion

  • Richard Marley
  • September 27, 2022
  • 2 minutes read
  • 52

Chinese Authorities in the Hunan province have busted a criminal ring of 92 individuals for allegedly laundering RMB 40 billion through cryptocurrencies.

​​As China continues its crackdown on financial crime involving digital assets, there have been quite a few cases of money laundering that have made the headlines. 

China has not only ramped up efforts to prevent the use of cryptocurrencies for illegal activities but has also demonstrated progress in regulating the industry as a whole. The country has previously imposed bans on crypto trading, mining, and the use of digital assets for payments. 

The money laundering ring arrested by Chinese Authorities has been led by an individual name Hong since 2018. The group has laundered funds. 

Since 2018, led by an individual surnamed Hong, the suspects had been laundering funds gained from fraud and gambling across the country, according to a Sunday post on the official WeChat account of the Hengyang county police department, which made the arrest. 

The group was reportedly using crypto to convert the funds to U.S. dollars, the post said. Police seized more than 100 mobile phones and computers, RMB 300 million ($41.9 million) of funds and other losses for the victims, the post said.

In other news, Chinese authorities busted a money laundering operation worth 200 million renminbi that made use of its central bank’s digital currency (CBDC).

The operation took place in the Fujian district of the country, local media outlets reported, after law enforcement discovered a clue in August this year.

Once they realized that there appeared to be a money laundering operation going on, the city’s various bodies set up a joint task force to deal with the matter. 

The operation was led by Lai Moumou and Zhang Moumou, and they reportedly conducted a variety of criminal activities using the CBDC.

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