Hengyang police have cracked a major money laundering case involving virtual currency trading, with an amount involved reaching 40 billion yuan

Chain Catcher news, the Hengyang Public Security Bureau announced the breaking of a major money laundering case "9.15", where the criminal gang is suspected of laundering up to 40 billion yuan through virtual currency transactions. Currently, over 300 related fraud cases have been connected. The "2021.9.15" special investigation team of the Hengyang Public Security Bureau started with Liu, who was defrauded of 7.8 million yuan, conducting in-depth analysis and meticulous investigation. They carried out net-seizing operations in Hainan, Guangdong, Fujian, Jiangxi, and other places, completely dismantling the money laundering criminal group led by Hong, arresting 93 criminal suspects, dismantling more than 10 money laundering and score-running dens, seizing over 100 related mobile phones and computers, and freezing 300 million yuan of involved funds, recovering 7.8 million yuan in economic losses for the victims.

Investigations revealed that since 2018, the criminal gang led by suspect Hong has successively contacted collection and payment points in multiple cities across the country, converting criminal funds related to fraud and gambling into virtual currency, then cashing it out into US dollars for laundering. Finally, they used multiple domestic companies to illegally remit the funds quickly and safely to other financiers, extracting illegal profits from it. (Source link)