Chinese Authorities Detain Six in $300 Million Crypto Money Laundering Probe

In a significant crackdown in Panshi City, Jilin Province, Chinese law enforcement has targeted a network suspected of operating underground banks and facilitating illegal currency exchanges involving cryptocurrencies.

The operation uncovered illicit transactions amounting to approximately 2.14 billion yuan ($300 million). Six individuals were detained for their alleged roles in laundering money between China and South Korea using cryptocurrencies to exploit their anonymity and decentralization.

This scheme primarily involved the exchange of Chinese Renminbi (RMB) for South Korean Won. The Economic Investigation Brigade of the Panshi City Public Security Bureau played a crucial role in bringing this activity to light.

In a detailed investigation, Chinese authorities unearthed significant evidence implicating Jin Moudong, a native of Jilin, and his associate Shen Mou, in illicit currency exchange operations spanning China and South Korea.

Examination of their bank accounts revealed unusually high transaction volumes, frequent money flows, and a diverse clientele, characteristics typical of underground banking operations. The patterns of transactions suggested systematic involvement in illegal activities.

Armed with this information, police formed a dedicated team to further probe the duo’s financial dealings, network, and organizational framework. Their operations primarily served Korean purchasing agents and cross-border entities, facilitating currency conversions between RMB and Korean Won.

Key Points:

• Investigation reveals high-volume transactions in illicit banking.
• Police delve deeper into gang’s network and operations.
• Focus on currency exchange for cross-border commerce and agents.

Six people have been arrested in connection with an Austrian crypto fraud.

In a significant crackdown on cryptocurrency fraud, a joint operation involving authorities from Austria, Cyprus, and the Czech Republic led to the arrest of six individuals. These arrests are connected to a sophisticated online scam where unsuspecting investors were duped into purchasing non-existent tokens for a purported new cryptocurrency. The operation, bolstered by support from Eurojust and Europol, also succeeded in seizing and freezing assets worth €2 million.

Additional notable cases include the conviction of Instagram influencer Jebara Igbara, known as “Jay Mazini,” who was sentenced to seven years for running a multimillion-dollar crypto Ponzi scheme.

Meanwhile, in Australia, Queensland Police’s Financial and Cyber Crime Group, through its Money Laundering Unit, recently made arrests related to a crypto investment scam on the Gold Coast, initiating legal action against four individuals. This ongoing investigation began in July 2022 and highlights the global efforts to combat cryptocurrency-related crimes.

Highlights:

• Multi-national operation leads to six arrests in an Austrian-led crypto scam.
• Eurojust and Europol assist in asset seizure worth €2 million.
• Global crackdowns continue, including significant cases in the U.S. and Australia.