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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.
