Story perspectives

China Cracks Down on Massive Money Laundering Ring

12/22/2025

50 10

Summary

Story summary

China's Ministry of Public Security dismantled a money laundering operation led by Tong after a US tip-off.
The investigation traced Tong's foreign exchange activities to 2017, when he ran a car dealership in the United States.
He provided currency exchange services before shifting to illicit transactions involving 2,000 individuals and 10.56 million records.
Tong and accomplice Chen were arrested in May 2024 and later sentenced for violating national regulations.

1 of 1

Story summary

China's Ministry of Public Security dismantled a money laundering operation led by Tong after a US tip-off.
The investigation traced Tong's foreign exchange activities to 2017, when he ran a car dealership in the United States.
He provided currency exchange services before shifting to illicit transactions involving 2,000 individuals and 10.56 million records.
Tong and accomplice Chen were arrested in May 2024 and later sentenced for violating national regulations.