Hunan Prosecutors Cut Off a New Money Laundering Chain Using Maotai Liquor Trading as a Cover and Virtual Currency as a Channel According to BlockBeats, on March 20th, the first instance verdict was announced in a case of concealing and concealing criminal proceeds, which was prosecuted by the People's Procuratorate of Yuetang District, Xiangtan City, Hunan Province, China in accordance with the law. A new money laundering chain using Maotai liquor trading as a cover and virtual currency as a channel has been completely cut off, with a total amount of over 6.84 million yuan involved, and all 8 defendants have been sentenced. The gang has clear division of labor and strong concealment. Chen connected with upstream through overseas encrypted communication software, received telecom fraud funds, and contacted "U Business" to complete virtual currency exchange and circulation; Xie is responsible for providing tools for committing crimes and compiling detailed financial information; Huang, on the other hand, used the purchase and sale of Maotai liquor as a cover to conceal the trajectory of the transfer of stolen funds with a real transaction shell; The remaining members assist in fund settlement and information transmission. The gang uses fake Maotai liquor transactions as a "whitewashing" process, disguising overseas fraudulent funds as legitimate business income, exchanging them into virtual currency and returning them to upstream, and taking an illegal commission of 8% for each "whitewashing" transaction. In December 2023, with a victim reporting the case, this black and gray industry chain hidden under the famous liquor trade surfaced. After the incident, the People's Procuratorate of Yuetang District intervened in the investigation in advance, guiding the public security organs to sort out nearly 20 million yuan of fund flow and massive electronic data, achieving a full chain crackdown and full element evidence collection. The court ultimately sentenced Xie and seven other master-slave offenders to 2 to 6 years in prison for covering up and concealing their crimes; Liang, with minor circumstances, was sentenced to one year in prison and one year probation. (Huasheng Online)