Forty-four suspects have been arrested in the underground bank cases in Guangdong, Shanghai, Beijing, Inner Mongolia, Liaoning and Heilongjiang, and 58 million yuan has been seized or frozen, Han Hao, deputy director of the economic crime investigation department of the Ministry of Public Security, said at a press conference on Tuesday.

Authorities in China's commercial center Shanghai have uprooted a five billion yuan (633 million U.S. dollars) money laundering case, according to Han.

A suspect from Singapore and other three suspects have been arrested in the case. The Singaporean was found operating an underground bank in Shanghai, offering remittance, foreign exchange and other banking services between Singapore and China. Their operation covered 25 large and medium sized cities in China, Han said.