🚨The son of a former Wuhan Municipal Supervisory Committee official laundered over 64 million Hong Kong dollars in Hong Kong, claiming part of the funds came from selling Bitcoin.

Xiao Rui, the son of Xiao Jun, a former member of the Wuhan Municipal Supervisory Committee, is suspected of accepting bribes of approximately 4.72 million Hong Kong dollars from mainland engineering contractors on behalf of his father, and also laundering over 64 million Hong Kong dollars through underground banks.
On June 23, the Hong Kong District Court ruled that all four charges of "money laundering" and one charge of "using a false document copy" against Xiao Rui were proven, and the judge will announce the sentence on July 23.
In 2014, Xiao Rui was approved to reside in Hong Kong, and in the same year, he used his HSBC account to purchase two funds from Sun Life Financial with 10 million Hong Kong dollars.
Between January 2016 and September 2017, Xiao Rui’s Standard Chartered and DBS accounts received multiple remittances totaling over 54 million Hong Kong dollars.
Xiao Rui argued that part of the funds came from selling Bitcoin, but the judge refused to accept his testimony due to the inability to provide transaction records.