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Pair of New Hampshire residents indicted in multi-million dollar money laundering ring – WMUR Manchester

Pair of New Hampshire residents indicted in multi-million dollar money laundering ring - WMUR Manchester
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Two Windham residents are facing a number of charges for their alleged involvement in a multi-million dollar money laundering ring.The Department of Justice says Windham residents Shi Rong Zhang, 48, and Qiu Fang Zheng, 59, were part of a large scale operation that laundered tens of millions of dollars worth of drug trafficking proceeds at family-owned restaurant China Gourmet in Boston’s Chinatown neighborhood. Investigators say the duo and several others would accept drug proceeds for a fee. They would then transfer the equivalent value in Chinese currency to drug trafficker bank accounts, and then sell the drug proceeds to people in the U.S. at a discounted rate. Attorney Patricia LaFrance, who is not involved with the case directly, said it is extensive and evident that a lot of work went into the case.The US Attorney’s Office confirmed the indictments come after a months-long wire tap and surveillance of the Boston restaurant and other businesses.”It just shows how involved these investigations are, how intricate,” LaFrance said.One of the biggest busts in the case came in March when agents seized more than $250,000 of suspected marijuana proceeds being transported from New York to China Gourmet, according to officials. FBI agents said the cash was found stashed under piles of frozen meat product. LaFrance said the nature of the crime and the amount of money involved could trigger additional charges. “If you think about these situations where tens of millions of dollars are being laundered allegedly through these businesses, does this mean there are tax implications,” LaFrance said. The suspects are also accused of using stolen gift cards to ship thousands of Apple products internationally in exchange for tens of millions of dollars in wire transfers. Zhang and Zheng are two of eight individuals that have been indicted by a federal grand jury in Boston. The other six individuals are all residents of Massachusetts.The charges each carry sentences of anywhere from five to 20 years in prison, if convicted. A trial date has not been set yet.

Two Windham residents are facing a number of charges for their alleged involvement in a multi-million dollar money laundering ring.

The Department of Justice says Windham residents Shi Rong Zhang, 48, and Qiu Fang Zheng, 59, were part of a large scale operation that laundered tens of millions of dollars worth of drug trafficking proceeds at family-owned restaurant China Gourmet in Boston’s Chinatown neighborhood.

Investigators say the duo and several others would accept drug proceeds for a fee. They would then transfer the equivalent value in Chinese currency to drug trafficker bank accounts, and then sell the drug proceeds to people in the U.S. at a discounted rate.

Attorney Patricia LaFrance, who is not involved with the case directly, said it is extensive and evident that a lot of work went into the case.

The US Attorney’s Office confirmed the indictments come after a months-long wire tap and surveillance of the Boston restaurant and other businesses.

“It just shows how involved these investigations are, how intricate,” LaFrance said.

One of the biggest busts in the case came in March when agents seized more than $250,000 of suspected marijuana proceeds being transported from New York to China Gourmet, according to officials. FBI agents said the cash was found stashed under piles of frozen meat product.

LaFrance said the nature of the crime and the amount of money involved could trigger additional charges.

“If you think about these situations where tens of millions of dollars are being laundered allegedly through these businesses, does this mean there are tax implications,” LaFrance said.

The suspects are also accused of using stolen gift cards to ship thousands of Apple products internationally in exchange for tens of millions of dollars in wire transfers.

Zhang and Zheng are two of eight individuals that have been indicted by a federal grand jury in Boston. The other six individuals are all residents of Massachusetts.

The charges each carry sentences of anywhere from five to 20 years in prison, if convicted.

A trial date has not been set yet.

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