Dubai, a city where local tyrants are everywhere and spend money in the impression of Chinese people.
Here, luxury and high consumption are its inherent attributes, and the resulting demand for large foreign exchange is also quite a lot.
Or if you fancy this, someone will hit the wishful thinking here.
On December 27, the Supreme People's Procuratorate and the State Administration of Foreign Exchange jointly issued typical cases of punishing foreign exchange-related crimes, one of which occurred in Dubai.
According to the information released by the Supreme People's Procuratorate, from February 2019 to April 2020, Zhao organized Zhao Moupeng, Zhou Moukai and others to provide exchange and payment services between foreign currency dirhams and RMB in the UAE and China.
The gang first used the method of exchanging foreign currency: receiving dirhams in Dubai, United Arab Emirates, and at the same time transferring the corresponding RMB to the domestic RMB account designated by the other party.
Then, the gang used the income dirhams to buy "Tether" (USDT, a stable coin pegged to the US dollar) locally, and then used the purchased Tether to obtain RMB illegally through the domestic gang in real time, thus forming a circular financing of domestic and foreign funds.
Through the exchange rate difference, the gang can earn more than 2% of each foreign currency transaction.
After investigation, Zhao and others exchanged more than 43.85 million yuan from March to April 2019, and made a total profit of more than 870,000 yuan.
The behavior of Zhao's gang was ostensibly the act of buying and selling virtual currency, but in essence, it used Tether as a medium to realize the conversion of currency value between foreign currency and RMB, which is an illegal purchase and sale of foreign exchange and constitutes the crime of illegal business operation.
This method of illegal reselling of foreign exchange has a certain degree of concealment. It was discovered because the account they used to receive renminbi hid a larger "melon".
From March 2019 to May 2020, Xiao, You, Shi and others teamed up with Hua Moufu (handled in a separate case) to jointly develop, build, and maintain the "Everyday Upward" scoring platform, which used part-time commissions as bait to gather a large number of individuals or small and micro merchants to register as "Runners", and used the personal WeChat, Alipay, and bank card accounts provided by "Runners" to build capital channels to provide payment and settlement services for black and gray industries such as overseas gambling and pig slaughter fraud, and earn commissions.
The platform gathered more than 370,000 fund accounts provided by more than 100,000 "runners" to collect and transfer, and after investigation, from April 1 to May 18, 2020, the platform illegally paid and settled an amount of RMB 31More than 900 million yuan.
From June to December 2019, Zhao and others still used their personal bank accounts to collect RMB and exchanged virtual currency for You to make a profit, with a total transaction amount of more than RMB 2,429. Zhao made a profit of 350,000 yuan, Zhao Moupeng and Zhou Moukai made a profit of 5,000 yuan.
In the course of the case review, Zhao and others defended that they were unaware of You's engagement in illegal payment and settlement business and that the funds involved were suspected of committing crimes
In order to find out the subjective knowledge of the criminal suspects, the procuratorial technicians of the Xihu District Procuratorate further recovered and extracted the mobile phone data of the persons involved in the case transferred by the public security organs. The relevant chat records not only confirmed the fact that Zhao and others knew that You was engaged in illegal payment and settlement, but also allowed the reviewers to discover evidence that Zhao and others used virtual currency to provide foreign exchange services.
In March 2022, the Xihu District People's Court of Hangzhou City, Zhejiang Province made a judgment and sentenced Xiao to 11 years in prison and a fine of 20 million yuan for the crime of illegal business operationYou was sentenced to 11 years imprisonment and fined 10 million yuanZhao was sentenced to seven years in prison and fined 2.3 million yuanZhao Moupeng was sentenced to four years in prison and fined 450,000 yuanZhou Moukai was sentenced to two years and six months in prison and fined 250,000 yuanShi and seven others were sentenced to fixed-term imprisonment ranging from four years to one year and two months, and fines ranging from 2 million yuan to 25,000 yuan.
After the verdict was announced, Xiao, You, Zhao, and Zhao appealed. In September of the same year, the Hangzhou Intermediate People's Court of Zhejiang Province ruled to reject the appeal and uphold the original judgment.
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