Police in Inner Mongolia, China, are investigating a virtual currency money laundering case that used "free credit card repayment" as a lure, involving nearly a thousand accounts.

BlockBeats news, September 30 - Recently, police in Baotou, Inner Mongolia, China, investigated a virtual currency money laundering case. The criminal gang used "free credit card repayment" as a bait to attract ordinary users to provide accounts, received illicit funds from overseas gambling, telecom fraud, etc. through fake consumption, and then contacted coin dealers to exchange them for virtual currency and transfer them to designated overseas addresses.

Through analysis of funds and on-chain data, the police identified nearly a thousand involved accounts, with suspects distributed in Inner Mongolia, Shandong, Jiangsu, Hebei, Chongqing, and other places. The Digital Currency Research Institute of the People's Bank of China stated that it is currently using large model technology to analyze the flow of virtual currency transaction funds, reconstruct gang transaction patterns, and uncover black industry clues. Upon verification, seven members of the gang involved in the case illegally engaged in fund payment and settlement business without approval from relevant national authorities, constituting the crime of illegal business operations, and were sentenced to fixed-term imprisonment of one year and two months to two years and six months, along with fines. Using virtual currency for money laundering is a new type of money laundering crime that has emerged in recent years.

Lü Wei, President of the Inner Mongolia Autonomous Region Branch of the People's Bank of China, stated that enhancing the ability to monitor and identify abnormal fund transactions related to virtual currency trading has helped successfully crack a major virtual currency pyramid scheme money laundering case, destroy more than 10 money laundering and running points dens, and confiscate about 130 million yuan in illegal gains. In recent years, four virtual currency money laundering cases have been coordinated and promoted to be convicted and sentenced under the crime of money laundering, forming a strong deterrent against illegal and criminal acts such as virtual currency money laundering. (CCTV Finance)