Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


China busts biggest ever 'underground bank': police

22 November 2015, 09:16

Shanghai -Chinese authorities have uncovered an "underground bank" which illegally transferred money overseas in a case valued at $64 billion, said to be the country's largest ever, according to a police statement.

Police in the eastern city of Jinhua found that the chief suspect, whose surname was given as Zhao, set up shell companies in Hong Kong and then made transfers from the mainland through a network of more than 800 bank accounts, said a Jinhua police statement posted on Friday.

China keeps a tight grip on outflows of funds due to worries capital flight could disrupt the economy. Individual Chinese citizens are only allowed to convert the equivalent of $50,000 from the domestic yuan currency under an annual quota.

A year-long investigation found more than 300 people were involved in the underground bank, of which around 100 faced criminal punishment, the police statement said.

Zhao used fake corporate accounts in Hong Kong to receive yuan, converted the funds into foreign exchange through banks and transferred it to his clients, it said.

China is moving gradually to make its currency fully convertible, as part of economic reforms befitting its status as the world's second largest economy.

Beijing also hopes to become one of the International Monetary Fund's reserve currencies as a constituent of its Special Drawing Rights (SDR) basket. IMF experts recommended earlier this month that China join the exclusive club.

IMF chief Christine Lagarde said that staff experts, in their report to the IMF board, ruled the yuan now "meets the requirements to be a 'freely usable' currency", according to a statement.



Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...