Organized Crime & Gangs

China breaks up $64 billion underground banking: state media

“Chinese authorities have uncovered the country’s biggest underground banking case involving transactions totalling more than 410 billion yuan ($64 billion), official media reported, part of a drive to combat illegal capital outflows.

The investigation, which started in September and focused on the costal province of Zhejiang, found that dozens of Hong Kong-registered shell companies forged more than 1.3 million fake transactions to transfer money offshore, the official People’s Daily reported on Friday.”

Source: China breaks up $64 billion underground banking: state media | Reuters

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