Hubei police dismantled a telecom fraud gang that used USDT for money laundering, with an involved amount exceeding 1 million yuan

According to the Jingmen Intermediate Court, the police in Luotian, Huanggang, Hubei recently dismantled a telecom network fraud gang that used offline cash withdrawals and virtual currency for money laundering, arresting 6 criminal suspects. The gang collected scam funds through a "cash withdrawal team," which were then exchanged into USDT by "U currency exchangers" and handed over to foreign fraudsters, forming a complete money laundering chain.

Investigations revealed that the gang conducted cash withdrawals for telecom fraud 28 times in the areas surrounding Wuhan, with a total amount involved exceeding 1 million yuan. Currently, the core member Liu is criminally detained for suspected illegal use of information networks, while other members are criminally detained for suspected concealment and disguise of criminal proceeds.