China cracks down on 39 underground banks

Beijing (CNS) -- China cracked down on 39 underground banks in 2011, in cases that involved 70 billion yuan. The crimes represent a record high in terms of case numbers and the amount of money entailed, said the State Administration of Foreign Exchange (SAFE) on April 16.

SAFE assisted police to arrest nearly 200 suspects linked to the cases that not only involved underground banking, but also illegal trade in foreign currencies online and off line.