TechFlow News, on September 11, according to CCTV News, the Beijing Municipal Public Security Bureau disclosed that while investigating a case of embezzlement by personnel in a position of authority, it successfully cracked a major underground bank case involving the use of virtual currency to transfer funds. The case involved over 800 million RMB, and four main suspects have been approved for arrest by procuratorial organs on suspicion of illegal business operations. Joint operations by the Economic Crime Investigation Detachment of the Beijing Municipal Public Security Bureau and the Dongcheng Branch led to investigations across multiple provinces and cities, ultimately dismantling this underground bank gang that used virtual currency for money laundering.
According to the investigation, the core member of the criminal gang, Lü, after acquiring foreign nationality, discovered that virtual currency transactions could enable cross-border fund transfers. Subsequently, Lü conspired with Chen and others to provide large-scale virtual currency purchasing services for individuals within China through virtual currency trading platforms, thereby illegally transferring funds overseas. Police further confirmed that the gang had also provided fund transfer channels for multiple cases of telecom fraud and embezzlement by personnel in positions of authority.
