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March 9, 2012

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Illicit credit-card cash ring broken, 22 arrested

SHANGHAI police announced yesterday that they cracked down on a gang of 22 suspects for operating an illegal business of cashing credit cards of more than one billion yuan (US$158 million).

The suspects, led by two men surnamed Wang and Yang, set up seven hideouts in Shanghai and the provinces of Jiangsu and Fujian using POS (point of sale) machines to cash credit cards for card holders and earn commissions, said the Shanghai Public Security Bureau in a statement yesterday.

With help from police in Jiangsu and Fujian provinces, the police found 13 POS machines and computers and 150 credit cards in the suspects' hideouts. The case was still under investigation yesterday.

The Economic Crime Investigation Department of Shanghai police on January 31 found clues that someone in town was controlling the interprovincial POS cashing business through the Internet, police said.

In the following two months, police found Wang and Yang recruited a batch of people and set up a site to cash credit cards in Fujian.

The pair also hired another group of people to find clients by making cold calls in Jiangsu. The gang also set up hideouts in Shanghai.

The Ministry of Public Security deployed simultaneously in Shanghai, Jiangsu and Fujian last Wednesday night and detained all 22 suspects.


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