Shell Companies
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Short Video Exec Busted in $20M Money Laundering Scheme, Gets 14.6 Years
Shanghai authorities arrested an internet firm executive amid corporate malfeasance concerns. The case involves an executive from a short-video platform, suspected of embezzling 140 million yuan (~$19.4 million USD). He allegedly used shell companies and cryptocurrency laundering, including coin mixing, to hide illicit funds. The platform’s internal audit flagged anomalies in service provider incentives, leading to the discovery. The executive and accomplices fabricated documents for subsidies. Prosecutors traced the funds, leading to convictions ranging from 3 to 14.5 years. Sources suggest Kuaishou is the platform, but official confirmation is pending.
