Gangsters ‘move cash’ underground
Print Edition
A GROUP of gang members stood trial yesterday in east China's Zhejiang's Province for alleged involvement in China's largest underground banking case.
The ringleader, identified by his surname, Zhao, and his wife, Zheng, are accused of hiring seven others to carry out illegal foreign exchange transactions by operating shell companies on the mainland and in Hong Kong, according to prosecutors at the Lanxi City People's Court in Lanxi.
Zhao allegedly also bribed two bank officials in Zhejiang, prosecutors said.
The case involves over US$9.6 billion, the highest in a series of cases that are the focus of China's largest underground banking investigation.
Police in Zhejiang swooped in November, arresting 100 suspects from eight gangs believed to be involved with unapproved financial institutions.
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