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Trial opens for largest underground banking case

Xinhua, January 13, 2016 Adjust font size:

A group of gang members stood trial Wednesday in east China's Zhejiang's Province for alleged involvement in China's largest underground banking case.

The ringleader, identified by his surname, Zhao, and his wife, Zheng, are accused of hiring seven others in illegal foreign exchange transactions by operating shell companies on the mainland and in Hong Kong, according to prosecutors at the Lanxi City People's Court in Lanxi City.

Zhao allegedly also bribed two senior bank officials in Zhejiang while seeking exorbitant profits, prosecutors said.

The case involves over 9.6 billion U.S. dollars, the highest among a series of smaller cases that make up China's largest underground banking case, which involves transactions totaling 410 billion yuan (64 bln U.S. dollars).

Police in Zhejiang busted the case in November, with 100 suspects from eight gangs detained.

China faces an "increasingly difficult and complicated" problem with unapproved financial institutions, which are often used for laundering money obtained through corruption, online gambling and fraud, according to the Ministry of Public Security. Endi