US DoJ charges two alleged members of a Chinese money-laundering network with using 140 bank accounts and around 45 shell companies to move at least $43 million in cyber-investment fraud proceeds abroad

The defendants allegedly managed a New York-based network of more than a dozen people who opened accounts in the names of shell companies before transferring victims’ funds to China-based associates. The underlying scams began through social media and messaging services, where fraudsters cultivated relationships, displayed fabricated investment returns and encouraged victims to send progressively larger payments.