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Chi busts largest underground banking case

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  21 Nov 2015 12:00 AM GMT

Beijing, November 20: Police in Chi’s Zhejiang province have busted the country’s largest underground banking case, which involved transactions totalling to 410 billion yuan ($64 billion), a media report said on Friday. At least 100 suspects from eight gangs have been detained since the investigation was launched in September 2014, Chi Daily reported. Police said the gangs were united by a ringleader, Zhao, who operated dozens of fake companies in Hong Kong. The companies were involved in foreign exchange transactions and money laundering. In December 2014, arrest warrants were issued for 56 suspects and more than 3,000 bank accounts were frozen. It took almost a year for police to sort through the over 1.3 million suspicious transactions. (IANS)

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