Former executives of Huludao Bank embezzled 2.6 billion yuan and laundered more than 1.8 billion yuan through virtual currency

As reported by the Daily Economic News, in August 2020, Li Yulin, the former party secretary of Huludao Bank, colluded with the former acting president of the bank, Li Xiaodong, and conspired with Duan Hongtao (the former major shareholder of the bank) and Zhou Zhilong to falsely claim that they were resolving the bank's non-performing assets, and embezzled 2.6 billion yuan of the bank's funds through a fabricated asset management plan, which was used by Duan Hongtao for extravagant spending. More than 1.8 billion yuan was illegally exchanged into foreign currency and transferred to the Hong Kong company account controlled by Duan Hongtao. Among them, an unemployed man in his 80s used two bank cards under his name to help transfer more than 250 million yuan of the above-mentioned funds, and was sentenced to two years and three months in prison and fined 2 million yuan. From September to October 2020, Xiang Mou 1, together with Chen Mou 3, Zheng Mou, Xu Mou, Kong Mou, Xiang Mou 2 (all handled separately) and defendant Chen Mou 1, organized and directed by Xiang Mou 1, Chen Mou 3 was responsible for counting and checking the funds, Zheng Mou was responsible for remittance, Xu Mou, Kong Mou, Xiang Mou 2 and defendant Chen Mou 1 purchased virtual currency at a price higher than the market price in WeChat groups for virtual currency trading such as Longmen Inn. Later, the obtained virtual currency was sold overseas and exchanged for US dollars and remitted to the bank account of the Hong Kong company through overseas virtual currency purchasers.