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The Yuecheng District Prosecutor's Office of Shaoxing City (Zhejiang Province) investigated the use of digital yuan (e-CNY) accounts for cash withdrawal and money laundering. This is reported by local media.
A group of four people found merchants who accepted CBDCs and arranged for them to exchange a certain amount in digital currency for cash. Merchants received a commission of 1-1. 5%.
One of those arrested, named Yuan, explained that he found an offer about the possibility of earning money on such transactions on the Internet. He received 0.8% of the turnover funds.
To scale the activity, Yuan enlisted his girlfriend and a friend. He paid them 0.5%. Details about the fourth person involved in the case are not reported.
In just four days in September 2023, the group cashed out more than 200,000 e-CNY (~$25,255).
According to Yuan, he didn't think much about the origin of the money. According to the report, transactions in digital yuan are strictly confidential and foreign criminal groups use this feature to launder money.
To hide their activities, as well as because of the small number of merchants working with digital yuan, the group traveled to neighboring cities to search for them. For law enforcement, the alarm was triggered by abnormal flows of e-CNY through the accounts of some merchants in Shaoxing, after which they quickly reached out to Yuan and his accomplices.
The court sentenced the defendants to prison terms ranging from 16-19 months and fines for laundering the proceeds of crime.
A group of four people found merchants who accepted CBDCs and arranged for them to exchange a certain amount in digital currency for cash. Merchants received a commission of 1-1. 5%.
One of those arrested, named Yuan, explained that he found an offer about the possibility of earning money on such transactions on the Internet. He received 0.8% of the turnover funds.
To scale the activity, Yuan enlisted his girlfriend and a friend. He paid them 0.5%. Details about the fourth person involved in the case are not reported.
In just four days in September 2023, the group cashed out more than 200,000 e-CNY (~$25,255).
According to Yuan, he didn't think much about the origin of the money. According to the report, transactions in digital yuan are strictly confidential and foreign criminal groups use this feature to launder money.
To hide their activities, as well as because of the small number of merchants working with digital yuan, the group traveled to neighboring cities to search for them. For law enforcement, the alarm was triggered by abnormal flows of e-CNY through the accounts of some merchants in Shaoxing, after which they quickly reached out to Yuan and his accomplices.
The court sentenced the defendants to prison terms ranging from 16-19 months and fines for laundering the proceeds of crime.
