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Money launderers are using Chinese online shopping sites to funnel billions of dollars to offshore gambling accounts using fake transactions

Financial Times : Tweets: @briefnorris and @rshorsey Tweets: Michael Norris / @briefnorris : Sketchy $PDD: “Several gamblers said they had used $PDD to transfer money. Zhao Yongdong, who became addicted to online games during the lockdown, said he had transferred RMB 110,000 through Pinduoduo purchases.” https://www.ft.com/... Richard Horsey / @rshorsey : Another dimension of Asia's illicit online gambling industry, estimated to be worth $24bn last year. Lucrative revenues driving shift to online gambling in Myanmar's borderlands. Also why shady outfits trying to build multi-$bn “new cities” in these areas https://www.ft.com/...

Financial Times

Discussion

  • @briefnorris Michael Norris on x
    Sketchy $PDD: “Several gamblers said they had used $PDD to transfer money. Zhao Yongdong, who became addicted to online games during the lockdown, said he had transferred RMB 110,000 through Pinduoduo purchases.” https://www.ft.com/...
  • @rshorsey Richard Horsey on x
    Another dimension of Asia's illicit online gambling industry, estimated to be worth $24bn last year. Lucrative revenues driving shift to online gambling in Myanmar's borderlands. Also why shady outfits trying to build multi-$bn “new cities” in these areas https://www.ft.com/...