China busts illegal online payment cases involving 54b yuan

BEIJING -- Chinese police have busted 15 major cases of illegal online payments involving 54 billion yuan (about $7.74 billion) amid the country's intense crackdown on such crimes arising from the explosive growth of online payments.

In one of the cases busted by police from Central China's Hubei province, a company set up 72 illegal payment channels for criminal activities, with a total transaction value exceeding 13.1 billion yuan.

Some of the illegal platforms also became breeding grounds for gambling and pornographic materials, according to the Ministry of Public Security.

The People's Bank of China, the country's central bank, has stepped up efforts in improving the supervision of payments and settlements, strengthening risk monitoring and tightening punishments for violations.

The ministry and central bank have pledged to continue close cooperation in fighting illegal online payments and maintaining order in the financial market.