businessweek.com| 8/11/09 |
Police in south China announced Monday they had broken up a money laundering ring that sent $1.46 billion abroad in illegal transfers, mainly to Vietnam.
The official Xinhua News Agency reported that police in south China's Guangxi region announced that 11 members of the alleged gang were arrested in May. Eight were Vietnamese, it said.
One of the ring's main suspects, a Chinese national named Ruan Zhizhong, allegedly opened 77 accounts and illegally transferred 7.2 billion yuan ($1.05 billion) through more than 10,000 transactions over a four-year period that ended in March of last year, Xinhua said.
Ruan's accounts and those of other suspected gang members were opened at legal banks in Guangxi as well as Guangdong and Fujian provinces. They used the accounts to make illegal electronic transfers abroad, mainly to Vietnam, Qin Yongjun, a Guangxi police spokesman, was quoted as saying.
Some Chinese investors who want to speculate in foreign real estate and other markets have turned to underground banks, such as the one run by the alleged gang, to evade government restrictions on money transfers. But such limits have been eased in recent years.
During a raid of the gang's headquarters in Guangxi's Fangchenggang city, police seized 70 deposit books, 590 bank cards, two cars, six computers and 680,000 yuan ($99,400) in cash, it said. They also froze 327 related bank accounts, it said, but gave no details.
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Posted by: McintyreLucile | November 02, 2010 at 09:31 PM