More than a thousand people have been arrested in China after they were previously suspected of money laundering.
Chinese authorities carried out the fifth raid as part of the country’s nationwide anti-money laundering program. The operation resulted in the arrest of 1,100 people and the closure of 170 organizations, and charges of money laundering utilizing cryptocurrencies.
On WeChat, China’s Ministry of Public Security declared Operation Card Breaking a success. According to the ministry, the number of cases of telecommunications fraud in China has recently surged dramatically. To gain access to the accounts of their owners, criminals frequently utilize previously stolen or simply phony SIM cards, as well as other people’s bank accounts. The money is then “distilled” into digital currency equivalents and “disappeared” from the local police radar.
The Chinese security forces, for their part, believe that they can still monitor the sequence of transactions for huge quantities of money, culminating in national raids. They are now attempting to strengthen security by increasing surveillance of commercial banks and illegal markets where cybercriminals trade SIM cards and citizen bank accounts. Along with the two huge provinces of Hebei and Shanxi, Beijing became the most “in demand” by con artists.