According to Crypto.News, on May 5, according to the web3 radar public account, in just six years, more than 21.4 billion yuan of funds were absorbed. In order to cover up and conceal part of the funds obtained from the fund-raising fraud, his relatives and friends used "virtual currency" to launder money, and at the same time, they hid and transferred stolen goods totaling more than 10 million yuan...
The People's Procuratorate of Dalian City, Liaoning Province sent personnel to appear in court to support the prosecution of Wang Moumou in the case of suspected fund-raising fraud and money laundering.
Upon investigation, it was found that the defendant Wang Moumou, together with Xiang Moumou and others, successively registered and established and acquired a certain Beijing Internet Technology Co., Ltd., a certain Dalian Technology Co., Ltd., a certain Liaoning Pharmaceutical Industry Group Co., Ltd., etc., and fabricated a large number of Internet server leasing businesses and smart medicine box entrusted operation businesses in the name of the above-mentioned companies. They used the promise of investing in the purchase of Internet servers for leasing and investing in the purchase of smart medicine boxes for entrusted operation to obtain an actual annualized return of nearly 100% of super high profit guaranteed return as bait, and carried out illegal fund-raising activities through concentrated lectures, online publicity, word of mouth, etc. to the public nationwide.
Over the past six years, Wang and others have absorbed a total of more than RMB 21.4 billion, part of which was used to pay high rebates. They also withdrew the money for personal consumption and purchased a large number of properties, equity, yachts, luxury cars, diamonds, and famous watches, ultimately causing more than 20,000 fund-raising participants to lose a total of more than RMB 4.1 billion.
In order to cover up and conceal the source and nature of some of the proceeds of crime, before and after Wang fled, he entrusted his ex-wife Wang A to use the illegal fundraising proceeds of more than 6.78 million yuan to purchase more than one million "virtual currencies" and transferred them to his digital wallet account. With the cooperation of Wang B, Wang's father, Zhao C, and others, Wang A used other people's identity information to register a "virtual currency" trading platform website account, and used the password that Wang had informed in advance to transfer the "virtual currency" in the digital wallet account, and then went to the bank to withdraw cash after cashing out through transactions, transferring more than 6.52 million yuan in funds in the above manner.
After Wang was arrested while fleeing abroad, his mobile phone with the digital wallet APP installed was seized by the investigation agency in accordance with the law. Soon after, the Dalian Procuratorate filed a public prosecution against Wang on suspicion of fund-raising fraud and money laundering, and against the defendants Wang A, Wang B, and Zhao C on suspicion of money laundering and concealing the proceeds of crime.
The People's Court sentenced the defendants Wang A, Wang B, and Zhao C to fixed-term imprisonment ranging from six years to three years and two months for the crime of money laundering; and sentenced the three to fixed-term imprisonment ranging from three years to three years and two months for the crime of concealing and hiding the proceeds of crime. The court decided to sentence Wang A to seven years in prison and a fine of RMB 450,000; Wang B to three years and six months in prison and a fine of RMB 300,000; and Zhao C to six years in prison and a fine of RMB 450,000. After the verdict was announced, none of the defendants appealed, and the verdict has now come into effect.
The prosecutor of the Third Procuratorial Department of Dalian People's Procuratorate, who handled the above case, revealed: "The use of 'virtual currency' to launder money is a new type of money laundering crime that has emerged in recent years. Virtual currency is becoming the most commonly used new means of money laundering by criminals because of its decentralized, anonymous and transnational characteristics."
