Chinese police probe 20-billion-yuan underground bank trade

Source:Xinhua Published: 2017/11/23 8:16:31

Police in south China's Guangdong Province said Wednesday that six people have been detained for underground bank trading, suspected to be worth 20 billion yuan (about 3 billion US dollars).

Police said they started to look into a bank account which was opened in Shaoguan, a city in Guangdong, in July. The account was used to process money for a suspect surnamed Shen. In a short period of time, transactions through the account reached 98 million yuan.

As investigation expanded, a total of 10,000 people and 148 accounts are suspected of being involved, police said.

The suspects allegedly made profits using exchange rates between Chinese currency Renminbi, or the yuan, and Hong Kong dollars.

Seven people have been detained and the investigation is continuing.

Posted in: LAW

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