China arrests 75 in crackdown on underground banks

September 30, 2015 11:40 AM

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BEIJING, Sept 30 China has arrested 75 people accused of engaging in underground banking, the Ministry of Public Security said on Wednesday, as authorities work to curb money laundering and illegal cash transfers.

Authorities also discovered 37 underground banking dens, the ministry said in a statement on its website. Those arrested had dealings totalling more than 240 billion yuan ($38 billion).

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