🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Panshi Underground Bank Busted: Over 2 Billion Yuan in Transactions

Published 05/13/2024, 02:58 PM
Updated 05/13/2024, 03:15 PM
Panshi Underground Bank Busted: Over 2 Billion Yuan in Transactions
USD/KRW
-
CNY/JPY
-

  • 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…

The post Panshi Underground Bank Busted: Over 2 Billion Yuan in Transactions appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.