Four people, including three from Singapore, were sentenced to prison terms of nine to 14 years for illegal buying and selling of currencies between China and Singapore on Monday in Shanghai.
The Shanghai First Intermediate People's Court heard that the four men conducted the illegal activities from December 2003 to April 2006 in Suzhou, east China's Jiangsu Province, using 23 personal accounts and involving a total of 5.3 billion yuan.
The three Singaporeans are to have their illegal gains totaling 4.7 billion confiscated, while the Chinese man Chen Peixiang, who joined the operation in 2005, was sentenced to nine years in prison and fined 120,000 yuan.
The case is recognized as the biggest of its kind in Shanghai has seen since 1949.
Source: Xinhua
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