Secret banks shut down in Guangdong

Police in Guangdong province have cracked three major cases involving cross-border transactions through secret, private banks since launching an operation codenamed Jufeng 2, which means Hurricane 2, last month.

The cases involved a total of 33 billion yuan ($4.8 billion) and resulted in the detention of more than 30 suspects, according to Huang Shouying, director of the economic crimes unit with the provincial public security department.

All of the suspects were local residents, Huang said on Tuesday at a news conference in Guangzhou, the provincial capital.