Beijing busts 10 underground banks involving $23 bln  

北京捣毁10余个地下钱庄涉1400亿 多用家族式经营

昨天，记者从北京警方获悉，近日，通过重点打击藏在北京市的地下钱庄，警方破获首起利用离岸账户实施倒汇犯罪的案件。据统计，2014年2月以来，北京警方共出动警力400余名，捣毁地下钱庄10余个，抓获犯罪嫌疑人59名，冻结涉案银行账户264个，相关涉案资金近1400亿元。 [查看全文]

(ECNS) – Beijing police have cracked down on about 10 illegal private banks involving over 140 billion yuan ($22.82 billion), the Beijing Times reports.

On September 18, over 400 police officers seized 59 suspects, detained about 800 bank cards and cyber banking digital certificates, and suspended 264 bank accounts.

The crackdown has run since February, when the police uncovered clues that a man surnamed Yao had transferred over $5 million to foreign countries in less than two years. Beijing police later found the illegal private banks in Chaoyang, Dongcheng and Xicheng districts.

The crackdown also involved the city's first illegal deal in foreign currency involving an offshore account.

A suspect surnamed Yin confessed to profiting from deals made in foreign currency via an offshore account at a domestic bank.

Someone in charge of the investigation said the illegal private banks traded foreign currency, transferred funds to overseas countries or regions, and helped launder money, threatening China's economic and financial security.

"They also encouraged crimes such as smuggling and misappropriation of state assets," the director added.