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China busts largest underground banking case

  • Police in China's Zhejiang province have busted the country's largest underground banking case, which involved transactions totaling to 410 billion yuan ($64 billion), a media report said on Friday. At least 100 suspects from eight gangs have been detained since the investigation was launched in September 2014. Police said the gangs were united by a ringleader, Zhao, who operated dozens of fake companies in Hong Kong. The companies were involved in foreign exchange transactions and money laundering. (Source: IANS)