Shanghai police arrest 5 people for illegal foreign exchange trading worth over $13.87 million

(ECNS) -- Shanghai police announced on Thursday it had arrested five suspects engaged in illegally trading foreign exchange amounting to more than  100 million yuan (about $13.87 million).

Police said a suspect surnamed He, who was in charge of an agency providing immigration related services, and another suspect surnamed Sun, an employee of the agency, illegally provided foreign exchange trading.

They collected Chinese currency domestically and provided foreign currency abroad under the guise of providing immigration related services, police said

Three other employees of the agency committed the crime of providing illegal exchange for others by introducing them to underground banks.

Sun and He have been detained on criminal charges for illegal business operations. Another three suspects, surnamed Wan, Gao, and Jiang, were released on bail.