China has arrested suspects for illegal foreign-exchange transactions totaling $64 billion – in an apparent coup for Beijing’s campaign against widespread corruption.
The crackdown took place in eastern Zhejiang province, where more than 370 people were either arrested, face lawsuits or some other penalty, Bloomberg reported Thursday. Underground banking and money-laundering activities totaled $125.4 billion since April, according to state-owned People’s Daily.
Organized crime was heavily involved, and among those arrested, 100 suspects from eight gangs were detained, CNN Money reported. The gang’s ringleader allegedly runs several shell companies in Hong Kong that were dealing in money laundering and foreign exchange transactions.