China Court Convicts 18 for Illegal Money Transfers, WSJ Says
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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.