China Detains Chief of Top Immigration Consultancy for Illegal Forex Trading

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China has strict regulations on the flows of foreign exchange, with limits on what types of organizations are eligible to handle the transactions and the amount individual citizens can exchange each year. Photo: VCG

Five people from a leading international immigration and investment services agency based in Shanghai have been arrested for allegedly conducting illegal foreign exchange trading activities involving more than one hundred million yuan, local police said.

The head of the company, a 54-year-old woman surnamed He, along with another employee surnamed Sun had allegedly been providing forex trading services for others by accepting yuan in China and dispensing foreign currencies abroad for others since 2016, the Shanghai Public Security Bureau said in an Aug. 10 statement on its WeChat account. It did not give their full names or identify the company.