CHINA TOPIX

$10 Billion Fake Trades Uncovered in China

Staff Reporter   |

Sep 26, 2014 04:11 AM EDT

China has recently uncovered $10 billion worth of fake trades as part of their nationwide crackdown on local companies. The currency regulator said that around 15 fraud cases have already been handed over to the police for prosecution. According to the allegations, Chinese companies reportedly falsify records and transactions to get money in and out of China.