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Chinese police arrests criminal group for CBDC money laundering

Wednesday 10 November 2021 10:32 CET | News

Chinese officials have arrested members of a criminal group charged with alleged money laundering using the country’s CBDC, the digital yuan. 

The Xinmi Public Security Department arrested 11 members of a gang, in the Fujian Province for allegedly scamming a person for USD 32,000.

The victim received an unusual call saying that there was a quality issue with items they ordered online. The caller assured him that he would be compensated 3x the value of the items. To receive the payment, he was asked to follow some instructions, which included transferring more than USD 32,000, via multiple transactions, to the accounts provided by the suspect.

The local police discovered during the investigation that the suspect has used an e-CNY wallet to launder money. 


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Keywords: CBDC, money laundering, fraud prevention
Categories: DeFi & Crypto & Web3
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Countries: China
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DeFi & Crypto & Web3






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