A virtual currency "money laundering" case was sentenced in Guangdong, China, involving fraudulent funds exceeding 2 million yuan, with 19 people sentenced.
From July to September 2024, a group organized by individuals named Situ A and Situ B lured people with the bait of "providing a bank card for cash withdrawal with a 4% commission and additional rewards for referrals," recruiting 14 "cardholders" to assist in transferring funds obtained from telecom network fraud and other crimes. The funds were transferred upstream through cash withdrawals and exchanges for virtual currency, with a total amount involved exceeding 2 million yuan.
The court found that the 19 defendants knowingly transferred the funds, which were obtained from criminal activities, constituting the crime of concealing and disguising criminal proceeds. They were sentenced to imprisonment ranging from 8 months to 3 years and 6 months, and were fined.
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From July to September 2024, a group organized by individuals named Situ A and Situ B lured people with the bait of "providing a bank card for cash withdrawal with a 4% commission and additional rewards for referrals," recruiting 14 "cardholders" to assist in transferring funds obtained from telecom network fraud and other crimes. The funds were transferred upstream through cash withdrawals and exchanges for virtual currency, with a total amount involved exceeding 2 million yuan.
The court found that the 19 defendants knowingly transferred the funds, which were obtained from criminal activities, constituting the crime of concealing and disguising criminal proceeds. They were sentenced to imprisonment ranging from 8 months to 3 years and 6 months, and were fined.
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