Shenyang police have cracked an illegal currency exchange case; the suspects had sold BTC and USDT to Mexican drug traffickers.
According to Odaily Planet Daily, the Shenyang Public Security Bureau in Liaoning Province recently cracked the "Tong Moumou et al. illegal business operation case." In April 2024, a tip-off from the U.S. alleging that a Chinese national named Tong Moumou was suspected of money laundering for drug traffickers drew serious attention from Chinese police. To ascertain the truth, the Ministry of Public Security immediately deployed the Liaoning Provincial Public Security Department to conduct verification work. On May 20, 2024, Shenyang police apprehended Tong Moumou and Chen Moumou in Wuhan, Hubei Province, as they attempted to flee the country.
The case involved more than 2,000 individuals, hundreds of companies, 49,000 accounts, and 10.56 million transaction records. Through the continuous efforts of the police, the criminal facts of Tong Moumou, Chen Moumou, and others illegally buying and selling foreign exchange were finally fully investigated and clarified.
An investigation revealed that since 2017, Tong and others had been operating a car dealership in the United States, selling cars and providing RMB and USD exchange services to customers. Later, they turned to engaging in illegal foreign exchange trading and other criminal activities.
While operating a car dealership in the United States, Tong met JC, a Mexican businessman. JC learned that Tong needed US dollars for currency exchange and offered to buy cryptocurrency from him in US dollars. Tong then instructed Chen to purchase Bitcoin, Tether, and other cryptocurrencies through various channels and sell them to JC in exchange for US dollars.
However, according to Tong's confession, exchanging currency for JC only accounted for a portion of his business. During his time in the US, Tong primarily provided currency exchange services to international students and businesspeople with large-scale currency exchange needs, as well as some local gamblers. (Xinhua News Agency)
