Guangdong police swoop to smash illegal banks

Updated 2017-11-23 14:32:12

Seven people have been detained in an operation to break up two underground banks worth more than 20 billion yuan (.08 billion) in Guangdong province.

Shaoguan city police said on Thursday more than 10,000 people are suspected to have used the illicit operations to transfer money in or out of the country or exchange currencies.

Some of the money was sent to Macao to fund gambling activities, the police said.

The banks' operators are also believed to have earned large profits from illegal foreign currency settlements using 48 bank accounts opened using fake documents in more than 20 provincial regions.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 19 2018 07:53:56

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16December 19 2018 07:53:56

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 19 2018 07:53:56

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords