Chinese authorities arrested more than 270 people involved in illegal money transfers amounting to ¥900 billion ($138 billion). 

In a major raid conducted at Zhejiang province, more than 270 people, all members of criminal gangs and were part of 115 cases of illegal banking. The underground operation conducted transactions involving more than ¥900 billion, authorities said. 

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The operation was a joint effort of five government agencies including the People's Bank of China and the Ministry of Public Security. 

The detainees were allegedly members of a big underground banking ring that facilitated forex transactions illegally, with some of the money earned through illegal activities. 

"These underground banks were just the tip of the iceberg," Li Mingzhao, an official at the Ministry of Public Security said in a press conference on Tuesday. 

The latest incident announced was an offshore transfer of ¥200 million ($30 million) by a group who used a trading company named Yishidun as a front to avoid being caught. 

In 2015, more than ¥207 billion ($31 billion) was moved out of Guangdong, channeling through 83 illegal money transfers. Some were transferred to Macau and Hong Kong. 

The major operation is part of Beijing's campaign to end illegal banking and money transfers after last year's capital outflows posted record-high numbers of $1 trillion. Raids on underground banks and illegal transfer activities started in April last year, while investigations started in 2014. 

Tagsunderground bank, illegal activities, raids in China, underground banking in China, illegal money transfers in China, people's bank of china, Ministry of Public Security