a day ago
Chinese ring suspected of using cryptocurrency to launder ¥50 billion in fraud proceeds
TOKYO (TR) – Tokyo Metropolitan Police have announced the arrests of five Chinese nationals who are suspected of operating from a base in the capital and using cryptocurrency to launder around 50 billion yen obtained from fraud victims, reports NHK (June 13).
According to police, Lin Mingwang, 38, and his accomplices allegedly laundered 80 million yen at the request of an investment fraud group based in Thailand and Vietnam, converted the money into cryptocurrency and then returned it to the fraud group.
Police did not reveal whether the suspects admit to violating the Organized Crime Punishment Act.
Police believe the group made it difficult to trace the funds by passing them through multiple corporate accounts, as well as cryptocurrency and overseas accounts. Lin Mingwang (X)
Lin who is an executive at a real estate company in Adachi Ward. He is said to be the ringleader. Another suspect, 45-year-old Qu Sihao, lives in Kyoto City, Kyot Prefecture.
In one case, the suspects received funds into their account from a man in his 70s from Nara City, Nara Prefecture. The man had been swindled on social media by one of the aforementioned investment fraud groups.
Lin's ring is believed to have managed approximately 300 corporate accounts. Some of these accounts were provided by Qu.
The total amount of funds transferred between the accounts was approximately 50 billion yen.
Police are continuing the investigation.
