Shanghai police bust illegal foreign exchange transaction case worth over 100 million yuan
Five suspects have been arrested for an illegal foreign exchange case that involved over 100 million yuan, Shanghai police announced on Thursday.
Police investigation found that since 2016, chief of an immigration service company surnamed He and his employee surnamed Sun engaged in illegal foreign exchange transactions.
They collected Chinese yuan within China and offered foreign currency outside China, thus to avoid China's foreign exchange control. The amount involved in the case exceeded 100 million yuan.
The company's other employees, surnamed Wan, Gao, and Jiang also engaged in criminal activities of providing illegal foreign exchange transaction services by introducing underground banks to others.
Currently, the suspects He and Sun have been criminally detained for running an illegal business, while Wan, Gao and Jiang have been released on bail pending trial.