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China smashes undergound bank

An underground bank which handled 410 billion yuan worth of forex transactions in China has been unearthed and exposed, according to reports in Chinese media. This is considered the country’s biggest underground bank and more than 370 people have been arrested or face lawsuits or other punishment. The bank had been functioning from eastern Zhejiang province. This unearthing brought the total for underground banking and moneylaundering activities in the country to 800 billion yuan since April. The authorities froze more than 3,000 bank accounts

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