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Chongqing police bust underground bank
By Wang Qingchu |
August 18, 2011, Thursday
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Online Edition
Online Edition
Police in southwest Chongqing have busted a criminal ring that ran a large underground bank and had allegedly laundered 56 billion yuan (US$8.77 billion), China National Radio reported today.
The crime syndicate, led by three persons, consisted of nearly 30 members in Chongqing and Shenzhen, a border city in southern Guangdong Province. They allegedly set up several shell companies with hundreds of employees and corporate accounts to launder money, the report said.
The underground bank earned a commission of 0.1 percent to 0.3 percent for the money it laundered. Since January 2010, it had made tens of millions yuan from the illegal business, Chongqing police said.
The crime syndicate, led by three persons, consisted of nearly 30 members in Chongqing and Shenzhen, a border city in southern Guangdong Province. They allegedly set up several shell companies with hundreds of employees and corporate accounts to launder money, the report said.
The underground bank earned a commission of 0.1 percent to 0.3 percent for the money it laundered. Since January 2010, it had made tens of millions yuan from the illegal business, Chongqing police said.
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