Chinese authorities announced that more than 200 billion yen was laundered through a major Chinese e-commerce site
Chinese officials have announced that they have caught a total of 14 billion yuan (about 216.4 billion yen) in money laundering at overseas gambling sites. According to the Financial Times (FT), a British economic newspaper that reported this incident, China's major EC site
Subscribe to read | Financial Times
https://www.ft.com/content/e669a621-b40b-45b0-abc0-9648d10cdd1b
Police: Money Launderers Using Chinese eCommerce | PYMNTS.com
https://www.pymnts.com/news/security-and-risk/2020/police-allege-money-launderers-are-using-chinese-ecommerce-sites-to-move-money/
Money-launderers use Chinese online shopping sites to funnel cash offshore | Armenian American Reporter
https://www.reporter.am/money-launderers-use-chinese-online-shopping-sites-to-funnel-cash-offshore/
FT reported on September 16, 2020 that several online shopping sites, including Pinduoduo, China's second-largest e-commerce site, were being used to enjoy gambling, which is illegal in China. ..
According to the report, the criminals arrested by Chinese authorities made fake orders under the guise of shopping at Pinduoduo and sent the same amount to overseas gambling sites. Chinese officials have cracked down on the act, saying it not only violates Chinese law prohibiting gambling, but also constitutes fraudulent money laundering.
In
Zhao Yongdong, who was addicted to gambling because of the pandemic of the new coronavirus infection, told FT, 'Through the purchase at Pinduoduo, 110,000 yuan (about 1.7 million yen) overseas this year. I moved to a gambling site. ' Another gambler, Wang Kai, said, 'I made 477 fake purchases at Pinduoduo to send money.'
'We are investigating such a cross-border money laundering network,' the People's Bank of China, the central bank of China, told FT. 'Chinese authorities should encourage online shopping platforms, especially new social e-commerce platforms, to tighten internal controls,' said Ni Shiyuan, a police officer at the Public Security Bureau.
A Pinduoduo spokeswoman also said, 'Gamblers who have been caught have also called to Pinduoduo's office to request a refund. Gambling is illegal in China, so we report them to the police. I did. '
According to Pinduoduo's announcement, the company has reported more than 1000 cases of suspected money laundering abroad to the police since 2019, which has arrested more than 200 people.
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