New Underground Money Laundering Scheme Using Virtual Currency, Seven Sentenced

A new underground money laundering case utilizing virtual currency has been cracked, where the criminal gang lured the public with the guise of "free credit card repayment," inducing them to provide personal information and credit cards to participate in illegal transactions, thus laundering money from overseas gambling and fraud groups. The Public Security Bureau of Jiuyuan District in Baotou City, in collaboration with the Digital Currency Research Institute of the People's Bank of China, conducted joint assessments, identifying nearly a thousand involved accounts. Under the unified deployment of the Ministry of Public Security, operations were carried out to dismantle the networks across multiple provinces and cities nationwide. Investigations revealed that seven gang members were sentenced to prison terms ranging from one year and two months to two years and six months for illegally engaging in payment settlement services, along with fines. This year, the People's Bank of China, the Ministry of Public Security, and eight other departments jointly issued a notice reiterating that all activities related to virtual currency are considered illegal financial activities, which are strictly prohibited and will be dealt with according to the law.

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