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August 11, 2009

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Police bust illegal bank

POLICE in south China say they have broken up an underground bank that illegally sent 10 billion yuan (US$1.46 billion) of laundered criminal cash abroad since 2004.

Qin Yongjun, spokesman for the public security department of Guangxi Zhuang Autonomous Region, said yesterday that eight of the 11 arrested were Vietnamese.

"The two chief culprits of the gang based in Fangchenggang City, bordering Vietnam, were Ruan Zhizhong, a Chinese, and Ruan Shichai, a Vietnamese," said Qin.

The gang opened accounts at legal banks in Guangxi, Guangdong and Fujian regions to launder money and electronically transfer it abroad, Qin said.

Remittance records of the 77 accounts opened and managed by Ruan Zhizhong alone showed he illegally transferred money on more than 10,000 occasions.

A total of 200 police raided the underground bank in Fangchenggang in May and seized 70 deposit books, 590 bank cards, two cars, six computers and 680,000 yuan in cash.

They also froze 327 bank accounts involved in the money-laundering case.


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