Beijing police bust 'underground banks' that funneled $23 billion overseas

November 14, 2014 4:28 PM

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BEIJING (Reuters) - Beijing police have shut down more than 10 "underground banks" responsible for illegally funneling more than $22.6 billion out of China, the official Xinhua news agency reported on Friday.

Police arrested 59 suspects, froze 264 bank accounts and seized more than 800 bank cards after raiding locations in central Beijing, according to the report.

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