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 China's Ministry of Public Security (MPS) on Thursday announced the results of a large-scale crackdown on dark- and gray-criminal networks in the financial sector involving a total of nearly 30 billion yuan ($4.26 billion), a campaign that has effectively helped clean up the country's financial market environment.

The results were announced at a press conference held by the MPS. The ministry outlined the progress of a joint campaign with the National Financial Regulatory Administration (NFRA) to combat organized illegal activities in the financial sector, according to the Xinhua News Agency.

From June to November this year, the MPS together with the NFRA, launched a six-month campaign across 17 key provinces and cities to crack down on organized dark- and gray-criminal activities in the financial sector.

Since this campaign began, public security authorities nationwide have carried out nearly 60 coordinated enforcement actions, filing and investigating more than 1,500 financial crime cases, dismantling more than 200 professional criminal gangs, and uncovering illegal activities involving a combined value of nearly 30 billion yuan, according to Xinhua.

These efforts have significantly improved the financial market environment, safeguarded the order and security of the country's financial system, and effectively protected the legitimate rights and interests of financial consumers.

In recent years, disputes arising from financial consumer activities have become increasingly prominent, giving rise to illegal intermediary practices that have spread rapidly online and evolved into well-entrenched gray industry chains, a MPS spokesperson said at the conference.

By tracing criminal information, capital, technology, and personnel networks, and expanding investigations into upstream and downstream links, authorities have moved to dismantle entire criminal syndicates and target their behind-the-scenes organizers, forming a comprehensive crackdown on gray activities in the financial sector and eliminating the conditions that allow such practices to take root.

"As of the end of November this year, the financial regulatory authority and its affiliated agencies had transferred more than 4,500 case leads to public security authorities, involving more than 210 billion yuan, and guided and urged financial institutions to file more than 1,700 cases, with amounts exceeding 170 billion yuan," another MPS spokesperson said, according to Xinhua.

Global Times