Police bust illegal Forex traders who netted nearly US$4 billion
Police raid the illegal foreign exchange gang in a recent bust.
Over 20 people have been caught for allegedly running an underground foreign exchange service which has handled over 25 billion yuan (US$3.9 billion), Shanghai police said on Friday.
The suspects had allegedly run the illegal service since October 2015 through three online shops which sold prepaid cards for online games.
People overseas purchased the cards with foreign currency and acquired passwords to the games. The cards and the passwords were then sold to gamers in China.
The suspects claimed 5 to 10 percent of the sales and transferred the rest to the Chinese bank accounts of their clients overseas, police said.
In a recent raid on the suspects, police seized 20 million yuan worth of prepaid game cards.
