China Just Uncovered A $64 Billion 'Underground Bank'

Business Insider ^ | November 20, 2015 | Mike Bird

[Strategy]

Chinese authorities just uncovered a massive "underground bank" in the country's eastern Zhejiang province, according to a report in the People's Daily, the official Chinese Communist Party newspaper.

The scale of the operation reported is astonishing. The report suggests 410 billion yuan ($64 billion) in foreign-exchange transactions were made by the unnamed illegal organisation - 370 people have reportedly been arrested.

[SMARTY]

I bet Evita and Billy Boy are involved.

[bert]

probably pay pal

[Responsibility2nd]

I wonder how many US citizens and US corporations have stashed their US dollars there?

[BitWielder1]

Not surprising, that's what iron-fisted government control gets you.
I read somewhere that the Romanian underground economy was estimated to be twice the official economy, before the fall of the Berlin wall.

[Vermont Lt]

Should have gone into bitcoin.

[hal ogen]

Probably used by the criminal clinton foundation to launder money.

[Elpasser]

So what.

Who’s harmed??

[JEDI4S]

Governments thirst for money is unending. Especially socialist governments.

Note the attack on sports fantasy sights by the leftist scourge.

They weren't getting their cut of the dollars.

Their like the old school Sicilian Mafia with none of the honor or class.

[Red Badger]

I’m betting Alibaba........................Jack Ma’s group............

[TalonDJ]

bit coin?

[bert]

yes, you have it right.

[Red Badger]

Seriously?.............

[bert]

Ali babba had the largest IPO in history.