Shandong Shouguang police uncovered a money laundering case involving the use of virtual currency, with the amount involved exceeding 9 million yuan

Shouguang Public Security Bureau in Shandong Province successfully solved a money laundering case. A criminal gang processed 17 bank cards within a month and a half, withdrew more than 50 times from major banks in Shouguang, involving more than 9 million yuan. Currently, the police have arrested 8 criminal suspects, and the case is under further investigation. After interrogation, the gang contacted their foreign upstream through an overseas encrypted chat software called "Paper Plane", used their own bank cards to receive funds related to suspected telecommunications network fraud and other illegal and criminal activities. They then withdrew cash through bank counters, ATM machines, etc., bought virtual currency USDT offline, transferred the virtual currency to the upstream, and achieved the purpose of seeking illegal interests through low buy and high sell, which is suspected of helping information network crime activities and concealing criminal gains.