Jilin Panshi police cracked a case of illegally operating an underground bank using virtual currency

On May 13, the Public Security Bureau of Panshi City, Jilin Province successfully cracked a case of illegally operating an underground bank using virtual currency, involving an amount of about 2.14 billion yuan, and six suspects who committed crimes in China and South Korea were arrested. The police introduced that the suspects involved in the case used the characteristics of anonymous transactions, decentralization, and borderless virtual currency to illegally carry out the exchange business of RMB and Korean won.
It is understood that the Panshi City Public Security Bureau Economic Investigation Brigade found important clues in its work. Jilin resident Jin Moudong partnered with Shen to carry out Korean currency exchange business in South Korea and China, and in the process defrauded others and absconded back to China.
In response to the clues, the police found that the bank account transactions under the names of the two people were huge, with frequent and inconsistent daily inflows and outflows of funds. There were many trading customers, and the fund exchanges were in line with the characteristics of the illegal operation of underground banks.
The police found that the criminal gang in this case used domestic accounts to receive and transfer funds, OTC trading of virtual currencies, Korean currency settlement, etc., to illegally engage in foreign exchange business, helping Korean purchasing agents, cross-border e-commerce, import and export trading companies and other groups to achieve RMB and Korean currency exchange.
Through a large number of investigations and evidence collection, the police successively arrested Chen Mouguang, Luo Moutao, He Mouda, Zheng Mouyu and others.