Woofun AI reports that the Jing'an District People's Procuratorate in Shanghai prosecuted a criminal gang for illegal business operations involving cross-border money laundering via virtual currency. The case, heard on June 10, concluded with an immediate verdict after investigations spanning three years and exceeding 200 million yuan.

The operation, traced back to 2019, involved Company Z acting as an unlicensed 'private bank' to facilitate illegal foreign exchange for high-net-worth individuals. Clients transferred RMB-purchased crypto to overseas wallets, where it was converted to foreign currency without actual cross-border fund flows. Five defendants, including Li and Gao, received prison sentences ranging from two years and six months to six years, plus fines between 300,000 yuan and 1.5 million yuan. Four others avoided prosecution due to minor roles and voluntary confessions.