Shenzhen City: A man from the Hong Kong Special Administrative Region was caught attempting to carry 580,000 U.S. dollars in cash undeclared from Shenzhen City, south China`s Guangdong Province, to Hong Kong on Wednesday.
According to the frontier guards at the Chung Ying Street which lies on the border between Shenzhen City and Hong Kong, they found the man surnamed Chen look nervous when he was going through the inspection at about 00:05.
When they asked to check his bag, the man suddenly dropped the bag, attempting to run away.
After getting him under control, the officers found 250,000 U.S. dollars concealed in his bag and another 330,000 U.S. dollars tied around his legs and waist.
Chen said during the interrogation that the money he took with him was to buy a house.
When asked why he didn`t use remittance and bank transfer, he said, "I was quite greedy, people are always greedy."
Currently, Chen was turned over to the customs and the case is still under further investigation.
Renminbi (RMB), foreign currency banknotes and marketable securities are restricted from being taken out of or brought into China, which is a foreign exchange control state.
According to the current regulation in China, individuals with more than 5,000 and less than 10,000 U.S. dollars of cash should apply for a foreign currency holding certificate to designated foreign exchange banks. Generally, individuals should not carry more than 10,000 U.S. dollars of cash out of or into China.
