According to ChainCatcher, the Yichun Gaoan police successfully dismantled a fraud gang that used "friendship investment" as a cover for money laundering through virtual currency. The investigation revealed that the suspect Yao used the pretext that "bank transfers are easily frozen" to lure victims into investing by withdrawing cash and exchanging it for virtual currency offline. The gang also collected fraudulent proceeds through offline virtual currency exchanges and then transferred the funds to their superiors, illegally obtaining commissions. The total amount involved exceeded 4 million yuan.
Yichun police cracked down on a fraud gang that used virtual currency to launder money, with the amount involved reaching more than 4 million yuan
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