TechFlow news, according to the "Everyday Economic News," in August 2020, Li Yulin, former Party Secretary of Huludao Bank, colluded with Li Xiaodong, the bank's former acting president, along with Duan Hongtao (the bank's former major shareholder) and Zhou Zhilong. Under the pretext of resolving non-performing assets, they fabricated an asset management plan to misappropriate 2.6 billion yuan from the bank, which was then used by Duan Hongtao for personal spending. Over 1.8 billion yuan of this amount was illegally converted into foreign currency and transferred to a Hong Kong company controlled by Duan.
The case involved multiple individuals, some of whom have already been sentenced. During this period, the bank experienced frequent personnel changes and downgrades in its credit rating.
It is reported that between September and October 2020, defendant Chen Moumou organized a money laundering gang, which laundered illicit funds through purchasing virtual currencies at inflated prices and selling them overseas, involving a huge sum. After being apprehended, Chen truthfully confessed to the crimes and returned part of the illegal gains. The court recognized the money laundering charge but decided to impose a lenient punishment.
