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Biggest fake currency racket busted in China
Beijing, July 05: China has cracked its biggest cross-border foreign exchange scam, involving over USD 40 million, the state media reported today.
Beijing, July 05: China has cracked its biggest cross-border foreign exchange scam, involving over USD 40 million, the state media reported today.
The illegal transactions occurred in the city of Weihai in East China's Shandong province. Ringleader Zhao Shengxuan and five other accomplices have been tried and sentenced by a local court, 'china daily' reported without
providing details on their sentences.
The criminal gang operated a currency black market in China and South Korea since 2000, the newspaper said. First, they changed the Chinese currency Renminbi into South Korean won by selling Renminbi to some foreign ventures in China. These companies' South Korean offices sent the currency to an account established by the crime ring in South Korea. This currency was then changed into US Dollars in South Korea and then brought into China in batches and sold at a profit.
The US Dollars traded by Zhao's group have been bought and sold in nearly 10 cities and regions including Qingdao and Yantai of Shandong, and Shenyang and Yanji of northeast China.
A growing number of illegal foreign exchange transactions across China's borders have been exposed in recent years, especially money laundering, according to the newspaper.
Bureau Report
The criminal gang operated a currency black market in China and South Korea since 2000, the newspaper said. First, they changed the Chinese currency Renminbi into South Korean won by selling Renminbi to some foreign ventures in China. These companies' South Korean offices sent the currency to an account established by the crime ring in South Korea. This currency was then changed into US Dollars in South Korea and then brought into China in batches and sold at a profit.
The US Dollars traded by Zhao's group have been bought and sold in nearly 10 cities and regions including Qingdao and Yantai of Shandong, and Shenyang and Yanji of northeast China.
A growing number of illegal foreign exchange transactions across China's borders have been exposed in recent years, especially money laundering, according to the newspaper.
Bureau Report