China reports breaking up gang that moved $3 billion abroad

The group in Shaoguan is accused of moving money illegally using 148 bank accounts opened in 20 provinces with stolen identity cards, according to Xinhua.

By: AP | Beijiing | Published: November 24, 2017 10:31 am

China reports breaking up gang that moved billion abroad

Chinese police have claimed of bursting a gang that smuggled 20 billion yuan abroad.

Chinese police say they have broken up a gang that smuggled 20 billion yuan ($3 billion) out of the country, evading financial controls imposed by Beijing to stem an outflow of capital from the economy. Seven suspects were detained in the case centered in the southern city Shaoguan near Hong Kong but as many as 10,000 people might have been involved, the official Xinhua News Agency reported.