Inner Mongolia police have cracked a major virtual currency money laundering case, involving up to 12 billion yuan

ChainCatcher news, according to China News Network, reported that the Public Security Bureau of the Horqin District in Tongliao City, Inner Mongolia Autonomous Region, has dismantled a money laundering gang that used online blockchain to exchange digital virtual currencies after a three-month investigation, arresting 63 criminal suspects. The amount of money laundered by this gang reached 12 billion yuan.

In July 2022, the Inner Mongolia Autonomous Region Public Security Department issued a warning to the Tongliao City Public Security Bureau of the Horqin District, stating that the bank card fund flow of a certain Shih was abnormal, with a monthly transaction volume exceeding 10 million yuan, suspected of money laundering crimes. After analysis, it was found that Shih's gang involved multiple provinces and cities, with many participants.

From September to October 2022, the special investigation team deployed 230 police officers to 17 provinces and cities including Heilongjiang, Guangdong, Beijing, and Henan to start the operation, and persuaded the main suspect Zhang, who had fled to Bangkok, Thailand, along with technical operation personnel, to return to the country. Thus, the major money laundering gang led by Ji and Zhang, which used online blockchain to exchange digital virtual currencies, was dismantled, with illegal gains totaling approximately 130 million yuan. (source link)