Chinese police detain seven in multi-billion underground currency scheme

Workers are seen on Nov. 18, 2017 inside a furniture factory in a "Taobao Village" in Xuzhou in China's eastern Jiangsu province. (AFP / Chandan Khanna)
Updated 23 November 2017
0

Chinese police detain seven in multi-billion underground currency scheme

SHANGHAI, China: Police in southern China have detained seven people in connection with an underground banking scheme involving more than 20 billion yuan ($3 billion), the state news agency Xinhua reported.
From a suspicious bank account in Shaoguan, a city in Guangdong province, the investigation snowballed to involve a suspected 10,000 people and 148 accounts across more than 20 provinces, Xinhua reported.
The suspects allegedly profited from changes in the exchange rates for yuan and Hong Kong dollars, it said without giving details.
The yuan, or renminbi, is not fully convertible and the government limits the amount of foreign currency to which individuals and businesses in China have access, which has given rise to networks of underground money changers and banks.


Indian troops kill 3 rebels in Kashmir fighting

Updated 10 min 14 sec ago
0

Indian troops kill 3 rebels in Kashmir fighting

  • The fighting comes a day after suspected militants abducted and killed a police official in the same area
  • Residents say the raiding troops torched two civilian homes where the rebels were trapped

SRINAGAR, India: Police say three rebels have been killed in a gunbattle with Indian troops in disputed Kashmir.
Police say the fighting began early Sunday after government forces raided southern Khudwani village on a tip that rebels were hiding there and came under fire.
The fighting comes a day after suspected militants abducted and killed a police official in the same area.
Residents say the raiding troops torched two civilian homes where the rebels were trapped.
Anti-India sentiment runs deep in Kashmir, a Himalayan territory divided between India and Pakistan but claimed by both in its entirety.
Rebels have been fighting Indian control since 1989, demanding that the territory be united either under Pakistani rule or as an independent country.