Winny Wang/ Shanghai Daily news
A Shanghai court this morning began hearing China's biggest money laundering
racket case involving five billion yuan (US$633 million), Shanghai Evening Post
The Singaporean defendant said he and three accomplices were
exchanging foreign currencies in rented apartments in Shanghai and
They received foreign currencies from the boss of a Singaporean
money-exchange company and deposited the money into local banks twice a
The group laundered more than five billion yuan in 68 banking
accounts from January 2004 to April 2006 and were arrested last year, the report
The case first surfaced in a Pudong Branch of the Bank of
Communications. Employees there reported to the central bank's anti-money
laundering bureau that a man had been making money transfers every day from the
first quarter of last year.
Banking employees asked him to apply for a
VIP card which would give him preferential treatment as he seemed to be a really
big client but he refused.
"It was really strange that he kept making
money transfers at different windows of the bank, and showed no dismay at the
long queues in front of him," an official with the branch said.
investigation by the bureau uncovered that he wasn't working alone, and his
accomplice was working in other banks in Shanghai.
The group were later
arrested and accused of operating an underground bank in the city, making large
money transfers and providing foreign exchange and other banking services
between Singapore and China.