China shuts down ‘underground bank’
Chinese authorities have busted an “underground bank” reportedly used for enabling the illegal transfer of USD-64-billion worth of the national currency out of the country.
The fraud case, allegedly the country’s biggest to date, involved a suspected arch-criminal identified only as Zhao, police in the eastern China city of Jinhua said on Friday.
More than 300 people are reportedly involved in the network, around 100 of whom face criminal punishment.
The main suspect had allegedly established shell companies, which are used as a front for an illegal business, in Hong Kong, received yuan through more than 800 accounts belonging to the companies, and exchanged the money to foreign currency, which he would then transfer to his customers.
Striving to retain capital within the country, China bars its citizens from rendering more than USD-50,000-worth of the national currency into foreign legal tender per year.
The world’s second-largest economy is trying for its currency to become a freely-usable one across the globe.
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