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8 Vietnamese, 3 Chinese Arrested in Money Laundering Scheme

Nguoi-Viet.com, Posted: Aug 21, 2009

Chinese police have arrested eight Vietnamese and three Chinese allegedly involved in a $1.5 billion money-laundering operation in Fangchenggang city in Guangxi Province on the Vietnamese border.

The two leaders of the gang were a Chinese and a Vietnamese national known in China as Ruan Shichai, the spokesman for the public security department of Guangxi Zhuang Autonomous Region, Qin Yongjun, told Chinas state news agency Xinhua earlier this week. The gang was operating an illegal bank that charged a fee to open large accounts at established banks in Guangxi, Guang-dong and Fujian provinces of southern China for people who wanted to launder money. The money was then electronically transferred to other overseas banks, mostly in Vietnam, Qin said.

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