TechFlow News — On November 6, according to Guangming Net, in July this year, while investigating a case of embezzlement by an employee, Beijing police discovered that suspect Zhang had transferred over 20 million yuan in illicit funds through overseas underground banks, causing serious losses to a private enterprise. Through analysis of suspicious transactions, police gradually identified Lyu and more than a dozen associated accounts. After investigation, it was revealed that within a span of over three years, they had transferred large amounts of illicit funds abroad, involving a total amount exceeding 800 million yuan.
Police found that after receiving the money laundering funds, Lyu's团伙 immediately organized operations to purchase, split, and sell cryptocurrencies, rapidly laundering proceeds from upstream crimes. In July this year, law enforcement launched coordinated arrest operations across multiple provinces and cities, apprehending all suspects involved. Authorities seized over 20 electronic devices (including mobile phones) used for illegal activities and more than 30 bank cards at the scene. Currently, four main suspects have been formally arrested by procuratorial authorities on suspicion of illegal business operations.
Investigations revealed that the criminal gang led by Lyu provided financial channels for telecom fraud and online gambling. Upstream criminal groups often used cryptocurrency "exchange" methods through individuals like Lyu—using renminbi within China to purchase digital currencies from coin traders and dealers, then selling these virtual assets on overseas cryptocurrency platforms to obtain foreign currency, thereby transferring illicit domestic proceeds overseas.
In this case, the criminal model involving recruitment of members through high-profit incentives, using cryptocurrency trading as a medium, proved particularly deceptive to the public. Suspects deliberately concealed the fact that unauthorized foreign exchange trading constitutes a crime, luring individuals with promises of high returns, gaining trust, and exploiting their accounts for money laundering purposes.
