Gansu Court in China Handles Cases of Virtual Currency Fraud Money Laundering: Defendant "Running Errands for Cash Withdrawal" Sentenced to Two Years and Four Months

BlockBeats message. On April 4, the Qinzhou District People’s Court in Tianshui, Gansu, China, recently tried a criminal case involving someone helping with cash withdrawals related to virtual currency. The defendant, through a part-time job of “high-paying errand runs,” knew the money was derived from fraud and, within 7 days, repeatedly withdrew cash in multiple instances in monitoring blind spots, totaling more than 390k yuan, and converted the funds into virtual currency to transfer to his superior, earning a profit of 21.5k yuan in the process. The court held that he committed the crime of concealing and disguising criminal proceeds, and, in accordance with the law, sentenced him to two years and four months in prison, imposed a fine of 10k yuan, and ordered him to turn over the illegal gains.

Judge’s reminder: Offline cash withdrawals have become a key step in “laundering” proceeds from telecom fraud. “Errand-run cash withdrawals,” “high-paying daily payment,” and similar offers are often one link in a fraud chain. The public should be alert to actions such as receiving cash on behalf of others, making transfers, and assisting in transferring funds, so as to avoid becoming an accomplice to crime.