According to a report from ChinaNews.com, the investigation of the operation resulted in the arrest of six people suspected of being involved in money laundering activities between China and South Korea. The suspects took advantage of the anonymous and decentralized nature of virtual currencies to conduct illegal foreign exchange transactions between the People’s Bank of China (RMB) and the South Korean Won. This illegal scheme allowed them to facilitate large-scale cross-border money laundering activities.

Authorities detected the operation through the Economic Investigation Brigade of the Panshi City Public Security Bureau. During the investigation, Jilin residents obtained important clues revealing that Jin Moudong and his accomplice Shen Mou were operating currency exchange businesses in both China and South Korea. It was revealed that the suspects fled to China after deceiving unsuspecting individuals with fake transactions.

After collecting sufficient evidence, the police found that there were significant transaction volumes in bank accounts linked to Jin Moudong and Shen Mou. These accounts showed frequent inflows and outflows of funds, diverse customer bases, and transaction patterns consistent with illicit underground banking activities.

Using this information, police formed a task force to further investigate the criminal organisation’s financial activities, social connections and organizational structure. After some analysis, they managed to capture Jin Moudong, Shen Mou and their associates. The law enforcement operation resulted in the seizure of numerous bank cards and vehicles used in the commission of the crimes.

The investigation revealed that the criminal network in question engaged in various illegal activities, such as receiving and transferring funds from domestic accounts, trading over-the-counter (OTC) virtual currency, and paying transactions in Korean Won. Its operations enabled Korean purchasing agents, cross-border e-commerce platforms, and import-export trading companies to convert RMB into Korean Won and vice versa.

In an operation jointly organized by the national authorities of Austria, Cyprus and the Czech Republic, six people were arrested in connection with an online scam involving the sale of rights or tokens for a fake cryptocurrency. The coordinated operation, supported by Eurojust and Europol, resulted in the seizure and freezing of assets totaling €2 million.

In another incident, Instagram influencer Jebara Igbara, known as “Jay Mazini”, was sentenced to 7 years in prison for running a multimillion-dollar crypto Ponzi scheme. More recently, Queensland Police took action against a crypto investment scam operating on the Gold Coast, arresting and charging four people. The investigation was initiated in July 2022 by the Financial and Cyber ​​Crime Group Money Laundering Unit.