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Shaoxing police in China uncovered the first case of money laundering using digital renminbi accounts

The Shaoxing police have cracked the first case of using digital RMB accounts for money laundering in Zhejiang, and 7 people involved in the crime of aiding and abetting have been arrested. The bureau stated that on September 16th of last year, a bank employee reported to the police after noticing "very unusual" transaction activity on a merchant's electronic RMB wallet. The police immediately set up a special working group to investigate. It was ultimately determined that the wallet was used to raise funds for an "overseas fraudster group." The police added that about 20 mobile phones and "computers and other devices" were seized, and funds worth more than $3,370 were frozen in digital RMB wallets and bank accounts. The organization used digital RMB wallets to process about $70,000 worth of laundered funds.

Digital RMB Money Laundering
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