Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

China police crack $1.1 billion internet gambling ring: Xinhua

Published 08/19/2018, 07:02 AM
Updated 08/19/2018, 07:10 AM
China police crack $1.1 billion internet gambling ring: Xinhua

BEIJING (Reuters) - Police in eastern China have busted a 7.8 billion yuan ($1.1 billion) online gambling ring and arrested 56 suspects, the official Xinhua news agency reported on Sunday.

The suspects are accused of making illegal profits of 650 million yuan from the Philippines-based platform, which had more than 114,000 users, Xinhua said, citing police in Jiangsu province.

The investigation into the gambling website was launched in January 2016 after a tip-off, the report said, adding that four of the prime suspects were traced through bank card information.

Calls to police in Jiangsu seeking comment went unanswered.

Casino gambling is illegal in mainland China, with budding punters having to travel to the special administrative region of Macau that borders southern China's Guangdong province.

Fifty suspects in the online gambling case were arrested in Shanghai, Fujian, Zhejiang and Guangdong, Xinhua said, while another six returned to China from the Philippines and handed themselves in. They are now being transferred for prosecution.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.