Major secret bank busted in Guangzhou

Police broke up a major secret private banking operation in Guangzhou's Panyu district recently, cutting off a major channel used to transfer assets abroad.

The Guangzhou public security bureau said in a statement on Monday that the secret bank, which was hidden in a food bazaar in the city's Panyu district, was investigated for suspected involvement in cross-border transactions valued at more than $70 million in the past month.

More than 10 bank accounts were frozen after the operation was raided, according to the statement.