Chinese Criminal Gang Sentenced for Laundering Money with Digital Yuan In a groundbreaking case, a criminal gang in China has been
sentenced for their involvement in an
international money laundering scheme. But what sets this case apart is the
use of digital yuan as their preferred tool for illicit transactions.
The People’s Procuratorate of Yuecheng District, Shaoxing, cracked down on this operation, bringing to justice three individuals: Yuan, Zhang, and Kou. Their crime? Using
digital yuan accounts to
cash out and conceal the proceeds of their illegal activities.
The modus operandi was as clever as it was audacious. It all started when Yuan responded to a part-time job ad on social media. Little did he know that this seemingly innocent gig would lead him down a dark path of financial wrongdoing.
Tasked with cashing out vendors' digital yuan wallets, Yuan would receive a commission of 0.8%. To facilitate the process, he would purchase
cryptocurrency, acting as a middleman between the digital and physical worlds of money.
As the operation gained momentum, Yuan realized he needed help to scale things up. Enter Zhang and Kou, enticed by promises of extra cash for their involvement. Together, they formed a tight-knit gang ready to exploit the loopholes in the system.
To avoid detection, the gang went international, using unregulated messaging apps from overseas to communicate with their mysterious employer. This cat-and-mouse game allowed them to continue their fraudulent activities across different cities in Zhejiang province.
