China's Guangdong Smashes 11 Illegal Banks

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Last updated at: (Beijing Time) Wednesday, September 04, 2002

China's Guangdong Smashes 11 Illegal Banks

A total of 11 secret private bankshave recently been smashed and 53 suspects detained in south China's Guangdong Province.

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A total of 11 secret private bankshave recently been smashed and 53 suspects detained in south China's Guangdong Province.

Another 30 peripheral trading offices were also destroyed in the crackdown.

At a press conference Tuesday, Liang Guoju, director-general ofthe Guangdong Provincial Bureau of Public Security, said the crackdown dealt a heavy blow to the province's active illegal trading of foreign currencies using secret private banks.

The action also helped ensure good financial operative order inthe province in south China, he added.

More than 12.36 million yuan (1.49 million US dollars) and 140,000 Japanese yen (1,200 US dollars) were seized at these illegal private banks, the paper said.

A total of 1,529 foreign and domestic bankbooks were also seized, and more than 8.5 million yuan in bank deposits for illegal foreign currency trading have also been frozen.

The illegal banks were targeted by police in a joint operation between Guangzhou, Zhuhai, Foshan, Dongguan and Shunde -- all at the Pearl River Delta which borders Hong Kong and Macao.

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