China Court Convicts 18 for Illegal Money Transfers, WSJ Says

A court in the Chinese city of Chongqing convicted 18 people of smuggling almost $10 billion through illegal bank transfers, the Wall Street Journal reported, citing a lawyer involved in the case.

The group used fake electronics companies and bank accounts to help clients evade capital controls, the newspaper said, citing prosecutors it didn’t name. The ringleader, a 36-year-old former electronics saleswoman, was sentenced to six years in prison and fined more than 3 million yuan ($470,000), according to an unnamed attorney cited by the Journal.

Two phone calls by Bloomberg News to the prosecutor’s office in Chongqing’s Jiulongpo district went unanswered. A woman who answered the phone at the research division of the district court said she couldn’t confirm the conviction unless a case number was supplied.

Local prosecutors charged 18 people with illegally moving 62 billion yuan through shell companies in 2007-2011, Xinhua reported in February.

To contact Bloomberg News staff for this story: Aipeng Soo in Beijing at asoo4@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.