According to ChainCatcher news from China National Radio, during the investigation of a financial fraud case, the Economic Investigation Team of the Public Security Bureau in Tie Dong District, Siping City, Jilin Province, successfully uncovered a money laundering case involving a group that used virtual currency USDT to help financial fraudsters transfer illicit funds by sorting out the flow of funds and digging deep into clues.
According to the investigation: Suspect Liu, together with Zhao, Wang, and others, during the period from December 2023 to May 2024, knowingly assisted in the financial fraud by using others' bank accounts under the pretext of helping others obtain loans to prove repayment ability. Liu first deceived others into providing their bank accounts, which were then used to receive funds obtained from financial fraud. Liu then directed the parties involved to withdraw cash from the bank and hand it all over to Liu, who then transferred it to Zhao and Wang, who deposited the cash into their respective bank accounts. The two helped the financial fraud criminal group launder money by buying low and selling high in the form of 'U currency' on the 'Huobi' platform, profiting from it, with the group accumulating over 100,000 yuan in laundered profits.
Currently, members of this money laundering criminal group have been subjected to criminal coercive measures by the public security organs, and the case is under further investigation.
