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source: www.immigrationdirect.ca
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Chinese police have
busted an underground banking network that handled US$4.5 billion worth of illegal
transactions at Agricultural Bank of China Ltd (AgBank) alone, the official
Xinhua News Agency reported on Wednesday. Fourteen suspects in four gangs were
arrested by police in the northeastern city of Dalian in Liaoning province,
Xinhua said, the latest crackdown in the country's fight against outflows of
"grey capital".
Each
gang's daily illegal transactions exceeded US$100,000.
The
police found illegal transactions amounting to 28.8 billion yuan (US$4.51
billion) from 1.4 million foreign exchange trading records, after investigating
more than 2,000 accounts at AgBank, China's third-biggest lender by assets, the
state agency said.
China's
economic slowdown and market volatility have sparked a wave of capital outflows
running into hundreds of billions this year, triggering alarms for China's
foreign exchange management system.
Beijing
started cracking down on underground banks in April and has so far uncovered
more than 170 cases of money laundering and illegal fund transfers, involving
more than 800 billion yuan and arresting more than 400 suspects.
Earlier
this year, Chinese police, the central bank and the foreign exchange regulator
busted the country's biggest-ever underground banking case involving
transactions totalling US$64 billion.
In the Dalian case,
suspects worked with criminal groups spread in Beijing, Shandong province and
Jilin province to conduct illegal foreign exchange trading across China and
offered gambling services in Macau and South Korea to obtain illegal gains,
Xinhua reported.
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