China Breaks up Large Underground Bank Ring

Reuters reports:

Police in southern China have broken up a ring that operated as an underground bank to illegally send around 10 billion yuan ($1.46 billion) abroad since 2004, state media said on Monday.

Eight of the 11 people arrested were Vietnamese, who operated in the southern region of Guangxi, which borders Vietnam, Xinhua news agency said.

Most of the money was sent to Vietnam, the report added.

August 10, 2009 11:22 AM
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Categories: Economy, Law