Gambling syndicate suffers Chinese crackdown
Chinese authorities have announced the partial shutdown of a gambling syndicate that previously traded in cryptocurrency to the tune of 200bn yuan ($55bn).
A total of 130 suspects were arrested following raids carried out in at least 4 provinces of the central Asian nation. The Shayang County Public Security Bureau in Jingmen City, Hubei province stated that the rolling investigation has succeeded in breaking up 14 criminal gangs during raids completed in several areas.
These included Fujian, Sichuan, Henan, and the Guangxi autonomous region between December 2021 and April 2022.
Crypto presence
Investigators have claimed that the syndicate operated with a complete dependence on cryptocurrency when processing gambling transactions, with authorities freezing accounts containing the equivalent of $160bn in October of last year.
The incredible scope of this operation and the extent of crypto reliance is nothing short of remarkable. However, due to the sensitive nature of the case details were not provided regarding the currency used.
International implications
Originating with a desperate gambler who reported losing over 100,000 yuan ($14, 000) on an online chess game, it is believed that the core of this operation is believed to be based on foreign shores, despite the specific location remaining undisclosed.
In fact, some of the suspects including 3 suspected of playing an integral role, were repatriated and then detained overseas with evidence to suggest the existence of operations in Cambodia, Myanmar or Laos.
These are nations that are notable for an abundance of online gambling and scam operations with enforcement particularly negligible.
All three nations have been contacted by a Chinese police campaign offering amnesty of some description to Chinese nationals who return home and confess to working for overseas operators.
Syndicate members
A staggering 50, 000 people have been implicated in this case, these members of the syndicate were not differentiated between agents or customers.
The trial of an alleged co-conspirator is set to begin at the Shayang County People’s Court, although no dates have been confirmed.
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