Shanxi cuts off a money laundering criminal chain using virtual currency, involving over 84 million yuan in funds

ChainCatcher news, according to the WeChat official account of the Shanxi Provincial Public Security Department, recently, the Xinghualing Branch of the Taiyuan Public Security Bureau in Shanxi Province has dismantled a criminal chain that provided "money laundering" services for telecom fraud gangs through the buying and selling of cigarettes and the use of virtual currency transactions. A total of 23 criminal suspects were arrested, involving 43 telecom fraud cases, with a total amount of nearly 84 million yuan.

The police remind that this is a new type of money laundering method for telecom fraud, which uses the offline buying and selling of easily liquidated goods like cigarettes to "clean" illegal funds, and then further launders the money by exchanging it for virtual currency and transferring the funds abroad.