According to the
investigation, since January 2021, the network operated in 26 provinces of China. This underground structure engaged in illegal transfers of funds abroad, foreign exchange for smuggling drugs and cosmetics, purchasing assets abroad, and also collaborated with various companies for tax refund fraud.
Police arrested 193 suspects, including ring leaders named Lin, Weng and Chen. A large number of bank cards and other payment instruments were seized, and funds worth 149 million yuan ($20.6 million) were frozen.
The suspects are charged with financial fraud, smuggling of goods, including prohibited substances, export tax fraud and other crimes.
The case has now been transferred to the Chengdu Municipal People's Procuratorate for preparation of an indictment and transfer to court.