The value involved exceeded 20 billion yuan; Shanghai police dismantled a gang involved in trading virtual currency and virtual credit cards for foreign exchange.
The Shanghai police dismantled a gang involved in virtual currency and virtual credit card foreign exchange transactions, with a total amount involved exceeding 20 billion yuan. The gang was led by individuals such as Liu, Xu, Gao, and Wang, with clear division of tasks: Liu was responsible for contacting customers, dealing with currency dealers, and issuing transfer instructions; Xu, Gao, and others were responsible for recruiting people from society to open bank accounts for collecting funds; Wang was specifically responsible for operating the involved accounts and transferring customers’ funds. The gang charged service fees in proportion to the profits. Since April this year, the police have carried out multiple operations to dismantle the gang, capturing 19 suspects, with an initial estimate of nearly 20 billion yuan in involved amounts. Among them, five individuals—Liu, Xu, Gao, and Wang—were arrested by the procuratorate on charges of illegal business operations and assistance in information network criminal activities, while the remaining suspects were subjected to criminal compulsory measures according to law. In another case, suspects Li and others established two platforms under the name of technology companies to carry out illegal virtual currency and cross-border fund exchange and settlement services. Within the “cross-border fund exchange” platform, the gang collected fees from customers overseas…