Hunan Prosecutors Crack Money Laundering Case Using Moutai Transactions as Cover and Virtual Currency to Transfer Funds, Involving Over 6.84 Million Yuan

Odaily News A money laundering case involving virtual currency prosecuted by the Yueyang District People's Procuratorate in Xiangtan City, Hunan Province, has been adjudicated in the first instance. The case involves over 6.84 million yuan, and all 8 defendants have been sentenced.

The case revealed that the criminal group concealed the fund flow path by fabricating Moutai liquor transactions, converted the proceeds from telecom fraud into virtual currency to return to the upstream, and charged a commission of approximately 8% per transaction. The involved personnel collaborated with clear division of labor, including fund coordination, tool provision, and transaction disguise.

The court convicted 7 defendants of the crime of concealing and disguising criminal proceeds, sentencing them to prison terms ranging from 2 to 6 years. The remaining defendant received a suspended sentence. (Huasheng Online)