Wenzhou Ayi Caught Running an Illegal Foreign Exchange Business

Wenzhou Ayi Caught Running an Illegal Foreign Exchange Business
Jun 14, 2016 By eChinacities.com

A 66 year old ayi surnamed Dai was convicted in Ouhai, Wenzhou on Sunday for running an illegal foreign exchange business. Dai’s business traded currency worth $22 million over a six year period.

Dai was engaged in the illegal foreign exchange business since 2008. She ran her business near the Bank of China on Ouhai’s Meiquan Street in Chashan Residential District. Investigators found that she had withdrawn RMB and converted it to 280,000 Euros, 100,000 U.S. Dollars, and 240,000 Yen. Dai sold the cash to others and pocketed an exchange fee. At the same time, Dai and her partner Shao would purchase Euros, U.S. Dollars, and other foreign currency and convert the money into RMB. They converted a total of 92,360,000 RMB and sold for profit.

In 2010, Dai and Shao converted and sold 41.82 million RMB worth of foreign currency.

Last October, Dai’s operations were seized by police. Officers seized 800 U.S. Dollars, 170 Hong Kong dollars, 3930 RMB, Dai’s Bank of China account information and other evidence.

Source: thepaper.cn

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Keywords: foreign exchange illegal foreign exchange Wenzhou

4 Comments

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kuntmans

Damn. I thought it said foreigner exchange. I was just looking to buy a foreigner and thought I could get some info on the latest foreigner exchange industry in china.

Jun 15, 2016 12:36 Report Abuse

dyanisis

all that cash, and she has pittance in the bank cmon now, do me a favour, she is a stool

Jun 15, 2016 10:14 Report Abuse

Englteachted

This is news? So much on Chinese social media but ECC chooses this?

Jun 15, 2016 07:55 Report Abuse

Guest14547166

There's this one time that I need to exchange my money in Shanghai and the most sketchy thing happened. I walked into Bank of China and the lobby manager told me to exchange it with a guy, who obviously is not one of the employee as he was on crutches and wearing pajamas at the time, instead of going to the counter...

Jun 14, 2016 22:58 Report Abuse