TechFlow news — according to The Paper, Shouguang Municipal Public Security Bureau in Shandong Province released case details via its official WeChat account.
The Shouguang police successfully cracked a money laundering case. Within one and a half months, a criminal gang had opened 17 bank cards and made over 50 withdrawals from various banks across Shouguang, involving more than 9 million yuan. So far, the police have arrested eight suspects, and the investigation is ongoing.
According to interrogations, the gang used an overseas encrypted messaging app called "Paper Plane" to communicate with overseas accomplices. They used their own bank cards to receive funds linked to crimes such as telecom and internet fraud, then withdrew cash through bank counters and ATMs. The cash was used offline to purchase the virtual currency USDT, which they transferred to their upstream partners, profiting from low-buy-high-sell price differences. The suspects are now charged with aiding information network criminal activities and concealing or disguising proceeds of crime.
