A Chinese bank has uncovered a cryptocurrency embezzlement and money laundering scheme involving two former executives, a former shareholder and other suspects.
Report of Chinese financial news outlet The National Business Daily noted that the amount of illegally converted money amounted to 1.8 billion yuan ($248 million).
A court document shows that the 44-year-old suspect surnamed Chen helped former executives of Bank of Huludao, a commercial bank in Northeast China, launder at least 250 million yuan (34.4 million USD) through his bank account.
In August 2020, Li Yulin and Li Xiaodong, former heads of Bank of Huludao, along with two other suspects, were accused of embezzling 2.6 billion yuan ($358 million) by knowingly settling bad debt. asset. By the following month, the suspects had illegally converted more than 1.8 billion yuan ($248 million) into foreign currency and transferred the money to the company’s bank account in Hong Kong under the control of the company. their control.
Then, in September and October 2020, these individuals engaged in buying cryptocurrency through WeChat groups, including one called “Longmen Inn,” and then sold the cryptocurrency abroad. convert the proceeds into US dollars and send them to bank accounts owned by Hong Kong companies.
The court found Chen guilty of money laundering and sentenced him to 2 years and 3 months in prison and a fine of 2 million yuan. Cases involving alleged misconduct by other executives were resolved in separate legal proceedings.
Itadori
According to The Block
