4. Beijing police cracked a case of an underground money laundering gang using virtual currency to transfer funds, involving more than 800 million yuan.

According to the Legal Daily, recently, the Beijing police, during the investigation of a case of embezzlement, discovered that the individuals involved had transferred a large amount of embezzled funds into an account of a foreign national within the country in a short period of time. In response to this clue, the Economic Investigation Detachment of the Beijing Municipal Public Security Bureau cooperated with the Dongcheng Branch to carry out joint operations, traveling to multiple provinces and cities across the country, and dismantled an underground money laundering syndicate that used virtual currency transactions to commit the crime of Money Laundering. Currently, 4 main suspects have been approved for arrest by the procuratorial organ on suspicion of illegal business operations. Upon investigation, it was found that the main member of the syndicate, Mr. Lv, obtained foreign nationality many years ago and discovered during his time abroad that it was possible to transfer RMB to foreign countries through virtual currency transactions and exchange it for foreign currency. Later, Mr. Lv and others, including Mr. Chen, used virtual currency trading platforms to assist domestic individuals with the intention of transferring funds to massively purchase virtual currency, thereby transferring the funds overseas, involving an amount of approximately over 800 million RMB. At the same time, the police found that the syndicate had provided financial channels for multiple cases of telecommunications fraud and embezzlement.