Panshi Underground Bank Busted: Over 2 Billion Yuan in Transactions
- Panshi police bust underground bank using virtual currency.
- Over 2.1 billion yuan in illegal transactions identified.
- Six suspects arrested for facilitating illegal currency exchange.
Police in Panshi City of the Jilin Province have successfully cracked down on a large-scale underground bank operation involving virtual currency, with the total transaction amount exceeding 2.14 billion yuan (approximately $317 million USD).
The operation, which involved six suspects, facilitated illegal currency exchange between the Chinese yuan (RMB) and the South Korean won (KRW) by exploiting the anonymity and decentralized nature of virtual currencies.
According to authorities, the investigation began after the Panshi City Public Security Bureau’s Economic Investigation Brigade discovered suspicious activity linked to two individuals, Jin Moudong and Shen Mou. The investigation revealed a high volume of daily transactions, numerous customers, and patterns consistent with underground banking.
Following a comprehensive investigation, police apprehended Jin Moudong, Shen Mou, and other suspects. Authorities also seized a significant number of bank cards and related crim…
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