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 , 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