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Unraveling a Major Chinese Money Laundering Operation

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Cryptocurrencies News – A significant Chinese money laundering operation has been uncovered, leading to the sentencing of 21 individuals by the Tongliang Court in China. This operation, which involved a staggering $300 million in USDT, was orchestrated by Jiang Moumou and Zheng Moumou.

The Masterminds Behind the Chinese Money Laundering Operation

The Chinese money laundering operation was active from November 2020 to April 2021. Jiang and Zheng were the brains behind this operation, recruiting 19 others to assist them in their illicit activities. Each member had distinct roles and responsibilities within the operation.

For his involvement in this Chinese money laundering scheme, Jiang was sentenced to six years and three months in prison and fined 500,000 RMB ($68,000). Zheng received a similar sentence of six years and was also fined 500,000 RMB. The other 19 members were handed prison sentences ranging from one to two years and six months, along with monetary fines.

The Modus Operandi of the Chinese Money Laundering Operation

To evade detection, the group used USDT to launder funds obtained from various online crimes such as fraud and online gambling. They channeled these funds through offline Bitpie collection wallets and then sold them on virtual currency trading platforms. They concocted reasons for their transactions, such as withdrawing project funds and migrant workers’ wages, enabling them to make cash withdrawals from banks across multiple provinces and cities.

Transferring Funds Overseas

The cash was then packed into trolley cases and backpacks for transportation. It was flown to destinations in Fujian Province, where it was delivered to designated recipients. In total, the group transferred over 2.25 billion yuan ($300 million) to overseas entities through this method, making a profit of over 22.62 million yuan.

Meta Description: A major Chinese money laundering operation involving $300 million in USDT has been uncovered. The operation was masterminded by two individuals who recruited 19 others to assist them in their illicit activities.

  • 2 November 2023
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