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Shanghai Police Bust Online Gambling Ring

There has been a major bust of an online gambling operator in China and state media claiming that the authorities have successfully reduced the biggest ever online gambling ring to operate in China.

There has been a major bust of an online gambling operator in China and state media claiming that the authorities have successfully reduced the biggest ever online gambling ring to operate in China.

It has been reported that while operating, the gambling operation transacted up to $11 billion in illegal bets.

Shanghai police broke up the operation which ran a website linking Chinese players to offshore sites which offered sports betting as well as a variety of casino games.

In the operation the police rounded up around 50 people and seized over 13 million Chinese Yuan over the course of a three month investigation.

The man in charge of the police united which combats cybercrime, Qu Weifang, said that the “ring had a very bad effect on society.” He said that the police had found a number of “office workers and university students who have gambled away all of their money.”

The ring was allegedly operated by offshore Chinese nationals, there are strict internet gambling laws in China and severe penalties in place.

However, the efforts of police are small in comparison to the huge population of China and the technical advances which makes online gambling harder to detect.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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