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China busts secret bank in Guangzhou sending assets abroad


  • Banking
  • Tuesday, 26 Sep 2017

The underground bank, hidden in a food market in the southern city of Guangzhou, is suspected of being involved in cross-border transactions worth more than $70 million in the past month alone.

The underground bank, hidden in a food market in the southern city of Guangzhou, is suspected of being involved in cross-border transactions worth more than $70 million in the past month alone.

SHANGHAI: Chinese police have broken up a secret banking operation used to transfer assets abroad, the official China Daily reported on Tuesday.

The underground bank, hidden in a food market in the southern city of Guangzhou, is suspected of being involved in cross-border transactions worth more than $70 million in the past month alone, the paper said, citing a statement from Guangzhou's public security bureau.

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