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Yangzhou police reveal illegal forex business
By Tom Qian |
February 27, 2009, Friday
|
Print Edition
Print Edition
POLICE in eastern China's Jiangsu Province have uncovered an illegal foreign exchange racket worth 8.5 billion yuan (US$1.2 billion).
The scheme involved 363 bank accounts in 22 provinces and regions in China, Yangzhou police told a press conference on Tuesday, the Nanjing-based Modern Express reported yesterday.
The key player, Qian Zicheng, a Fujian Province native, and an employee, Xiao Yun, have been arrested.
The racket was discovered after staff at the People's Bank of China in Yangzhou became suspicious about Qian's personal bank account - millions of yuan were being moved through it although he did not officially run a business in China.
Yangzhou's anti-corruption bureau found that more than 2 million yuan of public funds had been moved overseas via Qian's account last May.
Police found that Qian's bank account averaged more than 100 transactions from all over the country every day. He also opened accounts with several banks in Shanghai.
Yangzhou police arrested Qian in Shenzhen on October 6 when he was about to leave the country. They found details of his transactions in his laptop computer. Xiao Yun, who earned 5,000 yuan a month helping Qian handle small bank accounts, was arrested in November in Fujian.
Qian had learned about foreign exchange transactions from his brother in Britain. He registered remittance companies in Canada, the United Arab Emirates and Hong Kong. Police said the racket had made more than 10 million yuan in profit.
The scheme involved 363 bank accounts in 22 provinces and regions in China, Yangzhou police told a press conference on Tuesday, the Nanjing-based Modern Express reported yesterday.
The key player, Qian Zicheng, a Fujian Province native, and an employee, Xiao Yun, have been arrested.
The racket was discovered after staff at the People's Bank of China in Yangzhou became suspicious about Qian's personal bank account - millions of yuan were being moved through it although he did not officially run a business in China.
Yangzhou's anti-corruption bureau found that more than 2 million yuan of public funds had been moved overseas via Qian's account last May.
Police found that Qian's bank account averaged more than 100 transactions from all over the country every day. He also opened accounts with several banks in Shanghai.
Yangzhou police arrested Qian in Shenzhen on October 6 when he was about to leave the country. They found details of his transactions in his laptop computer. Xiao Yun, who earned 5,000 yuan a month helping Qian handle small bank accounts, was arrested in November in Fujian.
Qian had learned about foreign exchange transactions from his brother in Britain. He registered remittance companies in Canada, the United Arab Emirates and Hong Kong. Police said the racket had made more than 10 million yuan in profit.
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