China: Regime forces abduct 800 in crackdown on underground banking

Source: Washington Post

"More than 800 people have been arrested in a crackdown on unlicensed banking operations as Beijing tries to stem outflows of money from the country, the police ministry says. More than 380 underground banks that handled transactions totaling more than 900 billion yuan ($130 billion) were broken up in the crackdown launched last year, according to the ministry. Communist leaders allow unlicensed financing activity to support entrepreneurs but try to stop activity they say threatens the state-run banking system, supports crime or helps people violate foreign exchange controls or other regulations." (02/27/17)

https://www.washingtonpost.com/world/asia_pacific/china-arrests-800-in-crackdown-on-underground-banking/2017/02/27/c57cb914-fcce-11e6-9b78-824ccab94435_story.html