A few days ago, I chatted on Weibo about the issue of underground banks, and found that many friends don't really understand it, so I decided to write an article to discuss this matter openly. After finishing the article, I also consulted an experienced investigator in this field, and only after he confirmed there were no issues did I dare to publish it.

1. Underground Banks

The first question is, what is an underground bank?

In fact, it is an underground bank. Some people have money in hand and want to lend it to make money, but they do not have banking qualifications; some people need money, but getting a loan from a bank requires collateral, right? So they are willing to pay more interest.

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Now that both the supply and demand sides are present, with a few intermediaries, the business can be carried out. If summarized in one sentence, it is a private bank without a license.

In fact, as long as there is commercial activity, and it is somewhat large in scale, frequent lending is needed. The Western Knights Templar, the later Medici family, and the major banking families in modern times are actually this type of institution. Moreover, the emergence of national-level banking is very late, far later than private banks.

In our country, this has always existed from ancient times to the present. The landlords in ancient times were the local banks, and they usually lent money to farmers every spring. Farmers would buy seeds and agricultural tools, and then repay them after the autumn harvest. At that time, the interest rate was often more than 60%. Wang Anshi's reform set a lower rate, 20%, which is not much different from the usury now. If there was a bad year and they couldn't repay, then they would use land and children as collateral. The land consolidation we often hear about in ancient times was mostly achieved through this type of credit method.

In modern times, the banking industry is a business operated by the state, and private individuals cannot get involved. However, there has always been a legal dilemma. For example, if I lend money to someone in need, is that wrong? You borrow money from me, and when it's due, you pay a little interest, is that wrong? It's not wrong, so it's easy to understand that with the vigorous development of the economy, private lending has also grown stronger.

If we look at the flow of funds in underground banks, they can be roughly divided into two categories: one is called private exchange, and the other is called private lending.

The difference between the two is very simple. Exchanging money for money is called exchange, such as exchanging RMB for US dollars, which is called cross-border exchange; exchanging RMB for RMB is called money laundering, also known as domestic exchange. Don't worry if you don't understand, I'll explain in detail later. If it's just borrowing money, repaying the principal and interest when due, and not borrowing from the bank, that's private lending.Speaking of which, although both of these involve capital operations, they hardly ever mix their operations; they are essentially doing their own thing. Moreover, the two groups generally look down on each other. Those engaged in foreign exchange business see themselves as "youthful talents who promote the development of domestic import and export industries, help enterprises compete internationally, make up for the shortcomings in national foreign exchange management, and contribute to the globalization of the renminbi." They view those engaged in lending business as "loan sharks in the underworld."

In the eyes of those involved in lending business, they see themselves as "financial professionals who enhance capital flow, revitalize idle funds, help enterprises develop, and quickly solve the financial needs of enterprises." They view those engaged in foreign exchange as "white gloves for money laundering."

Now, the first question arises: if you want to run a money house, you must have money in hand, right? Where do they get their money from? There are generally two types: either it's their own, or it's raised through fundraising.

Own capital is easy to understand. Some people made money in business early on, then stopped, sold their factories, and focused on making money from money. Those who manage the business are often family members, with the accountant being the brother-in-law, the younger brother in charge of lending, and a few burly nephews from the village responsible for debt collection.

Another type, which is also the most common, is that the source of funds is through fundraising. I want to emphasize this point: there is usually a fundraiser who collects money from everyone, then concentrates it and hands it over to the capital holder. The fundraiser can earn a spread or commission from this.

There has always been a tradition in Jiangsu, Zhejiang, Fujian, and Chaoshan areas, which is not formed in recent years, but has been around for hundreds of years. People in the village will take out their money and give it to a few people to do various things, and everyone is used to it, not feeling that there is any problem with this approach. This may sound very low-end, but in fact, it is not. Many underground money houses are this kind of "village fundraising," with a village having tens of billions of funds at a time. In 1994, there was a fundraising of 3.2 billion, and now the scale is even more outrageous. The Guangdong police once cleared up and seized 230 billion. No mistake, you feel it.

It is difficult to say whether this is good or bad.Firstly, the benefits are quite evident. As is well known, modern enterprises operate with debt, and if they cannot replenish their funds when needed, they might go bankrupt. However, banks often do not lend to small businesses, or they may suddenly tighten credit and stop lending. These small businesses often rely entirely on borrowing from each other or seeking loans from such private institutions. The economic development in the Jiangsu and Zhejiang regions is also related to the prosperity of private financing there.

Understanding this, everyone will also understand why businessmen like to organize various small organizations such as hometown associations. These small organizations can also help them get through difficulties smoothly, after all, everyone has a moment when their life hangs by a thread, and not finding money may mean they go bankrupt the next day.

However, these fundraising activities have no legal protection, and every year there will be incidents of absconding with funds or even evolving into Ponzi schemes. That is, the funds are not actually lent out, or they are just nominally lent out, but in reality, they are fraudulently obtaining funds. Patching up the east wall to repair the west wall, such incidents have been endless over the years, large and small, with various promotions.

These scams have a common feature, which is that the promised interest rates gradually rise, and in the later stages, they will soar to an incredible level. At first, it may be 2%-3% per month, but later, as the required amount of funds increases, the interest rates will gradually rise, and even reach up to 30% (monthly interest, it is indeed monthly interest). Therefore, as long as you find a fundraising activity where the interest rates are continuously rising, it indicates that the capital situation is becoming tight, and at this time, you should be careful.

This kind of activity usually does not last long and usually disappears after one or two years. However, some money houses are very, very durable. In the Fujian and Zhejiang regions, there are money houses that have lasted for more than a hundred years. It is said that they have been operating since the Qing Dynasty, and after being hit by the iron fist of socialism for decades, they once went to Hong Kong and returned after the reform and opening up.

These private institutions are known for their creditworthiness and only deal with acquaintances. If you are not an acquaintance, you need to be introduced by an acquaintance and guaranteed by a local elder. If there is any problem, the elder will step in to resolve it. The money for their money houses is pooled by the entire village.

A few years ago, I met a Chaoshan guy on a plane. He was doing business in Southeast Asia and was going back to worship his ancestors. He said that for people in their area, no matter how far they go, they cannot delay the matter of ancestor worship. Worshipping ancestors is not only a matter of emotion but also a matter of credit. At first, I didn't understand, but it took a long time for me to realize.

2 Types of Money Houses

After clarifying where the money comes from, let's talk about what they do with the money.

First, let's talk about the remittance-type money house, which is the kind of money house that exchanges RMB for other currencies. When you are short of foreign exchange, going to the bank not only has a quota but also has a slow process, so many people go to such money houses.Compared to lending-based banks, its characteristic is speed; many transactions between parties can be completed in just a few minutes. Both parties simply hand over money at the same time, requiring much less capital.

Since the transactions are real-time, risk control is almost non-existent. Often the only risk control is the staff observing the customer, guessing what this person does, and analyzing from behavior and speech whether the customer might be a criminal. If they feel the customer has issues—well, they have to charge more.

For cross-border exchange services, if the funds are not illegal, most customers are for personal consumption or foreign trade.

The bank must first get some US dollars, which is not complicated. Everyone has a quota of 50,000, right? The bank has money in hand, and buys at a high price, even grassroots staff take their fellow villagers to exchange money one by one, and then buy it directly at a 10% increase. Recently, an underground bank in Fujian was just busted, with a scale of 22 billion, and they made a foreign exchange pool like this.

They can also collect US dollars from the public. Under normal circumstances, we don't have that thing in our hands, but over the years, many people have worked overseas, especially in Southern Fujian and Fujian. They can earn US dollars overseas and then sell them at a high price when they return to China, often to such underground banks.

A part of the money from this kind of bank is stored in cash, and the effect is very astonishing. In the TV series "Trident," there is a plot where the police find a villa, and all the cabinets inside are stuffed with money. This plot has a prototype, but it's not accurate. In reality, the places where money is stored are similar to bank vaults, with explosion-proof iron doors and several layers of passwords to enter. This is not for the police, but to prevent desperate peers.

With money, it's easy to handle. Sometimes there may be places that need money with insufficient quotas, or urgent transfers are too slow. At this time, using underground banks is relatively fast and convenient. How far has this business developed now? Let me give an example. Once, a friend of mine returned from Canada to celebrate the New Year. One night, while browsing for tickets (the price of this thing sometimes fluctuates more than stocks, and it's common for people who are good at saving money to check it dozens of times a day), he found that a round-trip ticket from one company had a big discount. He quickly went to grab it, but there was not enough money in his card...

At this time, he remembered a phone number in his mobile phone and quickly called to try. The other party received the message and replied to him, asking him to transfer the RMB from his domestic account to the other party's domestic account, and the other party would transfer the corresponding amount of Canadian dollars from the Canadian account to him. He got the money to pay for the ticket, and the time was less than 100 seconds! Here, I have to praise the efficiency of some Chinese businessmen, which is really terrifying.

But these are all small things, and the amount of exchange is only tens of thousands of US dollars at most.

The real big head is foreign trade companies. Many foreign trade companies have a large demand for funds for import and export. The foreign exchange management department needs to carefully review your information to see if your transactions are real and whether there are any problems, which generally takes a certain amount of time. At this time, some people want to get the money earlier and will bypass the regulatory authorities and go to underground banks, paying a handling fee as a way to buy time.As domestic regulations become stricter, not only is it now difficult for money from abroad to enter, but the accounts of money houses in the country will also be closely monitored. Once any unusual activity is detected, the account will be immediately sealed. If it involves cases of fraud or gambling, the bank will directly freeze the account. At this time, one can only wait for the review results. Some scammers specialize in obtaining information about foreign trade enterprises and impersonate courts or public security to contact merchants. The scammer starts by asking if you have recently used underground money houses for fund transfers. Then they claim that the account you received money from is involved in money laundering and will freeze your account, asking you to bring your documents and materials to a certain place to wait for the review for several months and so on.

Most experienced business owners will tell them to get lost, but a few newcomers to the business will panic and fall for it. The subsequent routine is no different from saying that in order to support foreign trade enterprises, they have opened a special review channel, asking you to transfer all your money to a designated account, and promising to unfreeze it for you within two or three days. Almost every year, many business owners are deceived by this trick.

If the cross-border funds involve illegal activities, these funds are mostly of two types. One is the money obtained illegally within the country that needs to be transferred abroad, such as fraud, drug trafficking, corruption, etc. These funds may have been laundered or not, and need to be transferred overseas. Generally, this is when there is a sense of danger, the amount is large, and time is tight.

Sometimes people go out first, leaving the money in the country to be transferred slowly bit by bit. I know that in 2013, someone put more than 100 million into a money house account. The account holder felt it was dangerous and ran away, and the money was left for several years without being able to be transferred.

In the end, due to the immense pressure of being wanted, the person returned to the country and surrendered themselves. They confessed to be lenient, and in order to show their determination and sincerity to reform, they also exposed the money laundering of the money house. The money house owner was directly arrested and sentenced to ten years, and it is estimated that they have not been released yet.

There is another type of money obtained illegally from abroad that needs to enter the country, such as money obtained from overseas online gambling, which needs to be invested in the country.

You may not know that the difficulty of entering the country is no less than that of leaving the country. It requires a public account and an explanation of the source. If the account is slightly abnormal, it will be returned and materials will be required to prove the legality of the source of funds. Especially recently, with the strong expectation of the appreciation of the yuan and the investment opportunities in the country being much more than abroad, the amount of funds that want to squeeze into the country through illegal means is particularly large, and the regulatory efforts of relevant departments are also particularly large.

Now, some exchange scammers have emerged, specifically targeting these customers. A customer set up servers in Southeast Asia, specifically for "sexy croupier online dealing", and the money obtained by fraud was transferred into the country once every period of time.The money house that often cooperated at that time had an accident, and the owner of the gambling website was deceived by someone on the Internet who claimed to be a professional in remittance.

At the beginning, it was just a small amount of trial, tens of thousands at a time, and there was no problem after several times. A few million was sent, and the other party directly disappeared.

The boss was almost crazy, and before he had time to mobilize resources to find it, the police came to the door. The police listened and laughed, saying that such a level of intelligence can also be deceived into so much money, which shows how stupid the gamblers who were deceived by him are.

But after laughing, he still had to catch the people who deceived his money and recover the property, which increased the workload of the police.

Underground money houses for cross-border remittances, some need to have real funds entering and leaving the country, but most do not, just concentrating on entering and leaving the country after a period of time.

Most of the time, because of supervision, it is also troublesome for money houses to transfer money back and forth across the border. So the preferred method when business occurs is "counter-knock", that is, the money house has a fund pool both inside and outside the country. When there is a business, the two pools calculate the amount of money according to the exchange rate, the customer deposits the money, and the other side pays the money to the customer, one in and one out, two clear. It's similar to the ancient times when you deposited money in Beijing and then went to Shanxi's ticket number, and then went to Hangzhou to withdraw it. It's not that the money from Beijing was sent to Hangzhou for you, but it was directly paid from Hangzhou's account, and at the end of the year, the bank settled internally.

Understanding this, you also understand many problems. For example, if I want to transfer 100 million to overseas, this money is not really out of the customs, but to see if there is someone overseas who just wants to transfer money to the country, so directly give you the money of the overseas goods, and your money to the other party, and the money house collects an intermediary fee. Of course, it is generally not so coincidental that the two people transfer money at the same time, but due to the existence of the fund pool, this kind of transaction can be pulled together.

This method is the fastest and most common. Originally, theoretically, if there are enough customers, the amount of funds entering and leaving will tend to be balanced.

However, our country's trade surplus is too large, especially due to the recent epidemic, the funds going out are much less than the funds coming in, making the domestic funds insufficient. It often leads to the situation where there is no money to use.

The pool is not flat, and many times the customers who have arrived have left. Some money houses have started "shared fund pools". After obtaining customers, if their own pool is not enough, they can borrow from each other, and the handling fee collected is divided into 30% and 70%.The brokerage earns 30%, while the actual capital used earns 70%. If multiple parties are involved in the capital utilization, each calculates according to their investment ratio. Sometimes a large business deal requires several parties to pool funds to secure it.

However, this can only be considered a technical means, and it does not change the fundamental problem of insufficient domestic capital pools. The handling fees for knock transactions are now rising continuously.

Now, the brokerages have to really let money in and out of the country, but under supervision, the costs are high and there are risks. One of their methods is to carry cash in and out directly, some are like ants moving their home through "smugglers," and some carry a large amount of cash on their bodies to pass the customs.

However, the method of cash, which could not play a major role when the capital volume was not large before (sighing at China's huge trade volume), now the demand scale is too large, and the difficulty of relying on smugglers to carry it by hand is very, very great.

There was a time when Shenzhen cracked down on smugglers, and within three days, the prices of various goods inside and outside the country fluctuated violently, and many people became rich overnight and bankrupt overnight.

Now the main method is to operate through the establishment of shell companies, and to make fake import and export trade through financial means. Sometimes the regulatory department finds a company, and the monthly import and export business reaches hundreds of millions. When they go to the registered address, they find that it is an empty garage, which is obviously a shell company opened by an underground brokerage.

In order to cope with supervision, the shell companies set up by the brokerages also need to change their names after a few shots, sometimes a location changes the names of three or four companies within half a year, and the capital in and out of each company is also particularly large.

Everyone can see that these criminal behaviors are becoming more and more complex. In recent years, the recruitment requirements of the police force are getting higher and higher, requiring foreign language and financial knowledge background, and they still need to be trained for many years after taking office, which is the reason. Ordinary people are no longer able to understand what the criminals are doing.

There is a view that the biggest advantage of electronic encrypted currencies such as Bitcoin is that they can freely cross borders. In the past, the biggest problem for the rich was that their wealth could not pass customs, and its existence makes the customs of the past seem as if they do not exist.

3 Money LaunderingAfter discussing cross-border exchange, let's talk about domestic exchange. To put it bluntly, this is nothing more than a thorough money laundering operation.

Generally speaking, there is no domestic exchange of funds that is not illegal. Why is that? For example, one day someone stops you on the street and offers to give you 100 yuan in exchange for 95.

Your first reaction would definitely be that either there is something wrong with this money or there is something wrong with this person, or there is a problem with both, right?

The ways and clients of domestic money laundering are really all kinds of tricks and chaos, with all kinds of strange and bizarre things.

To prevent friends from being unclear, let's first explain what money laundering is.

In a word, it is to turn illegal money into legal money. However, it is not easy to do, and it is getting more and more difficult.

Let's take an example, Xiong Da made 10 million yuan from gambling, and this 10 million yuan can't even be deposited in the bank, because the bank is very likely to confirm whether the source of funds is legal. Keeping it at home is a bomb that will explode at any time, and you dare not go out to buy a house or a car, in case one day the tax department comes to the door and asks where the money comes from, and you may be directly in trouble.

Now everyone knows why the United States does not allow ordinary people to use cash for large transactions, generally speaking, large transactions that dare not go through the bank are likely to have problems, and our country will also develop in this direction in the future.

Some friends may say, this money is given to me by my brother, is there a problem? In fact, it can't be done, at this time your brother has to explain where this money comes from. And this money can buy cigarettes, wine, and a Chihuahua, but it can't buy a house and other large transactions, and then it involves the problem of being checked. If you are not clean, once you are checked, you will definitely be implicated.

So it has to be cleaned and turned into legal income.The common operation is to hand it over to an underground bank, and then you post a worthless product online, such as the trash equipment of a garbage game, theoretically, the kind of trash that no one will buy in this life. The bank operates the client to come and buy, and the money becomes your legal income. You pay the taxes, and from then on, you can spend it with peace of mind. However, the commission in the middle is very high, often reaching 20% to 30%.

Alternatively, some people simply go to find lottery winners, a lottery of five million, he buys it for six million, takes the lottery to claim the prize, and then pays the taxes, and the money is clean. However, it is not easy to find, and others may not cooperate, and if not handled well, he may get in trouble.

There are also more complex operations, such as some big shots going to make a movie, the bank manipulates the account to buy tickets, originally no one watches the garbage film, but they can achieve a 120% occupancy rate at three in the morning, you wonder what kind of film is so good-looking, there are people standing in the aisle at three in the morning, when you go to find out that there is only you on the spot, naive and believing in supernatural events, you may be scared to the point of being unable to take care of yourself.

As for the specific money laundering process, it is very complicated, and it is a very long and tight chain. It requires a variety of operations that are dazzling, and it is a real technical job.

Firstly, the bank needs a large number of accounts, which will be used to operate these accounts to buy equipment in the future. Small banks also have thousands of accounts, and large banks have more than a hundred thousand accounts. And they will be updated every once in a while. During the washing, the money flows continuously between various accounts through the network, and it is also continuously split and combined in the process. The purpose is to simulate the whole process into multiple normal transactions, making it extremely complicated and difficult to monitor, and it also requires the participation of actual transactions.

The source of the money laundering accounts is very miscellaneous, some are obtained through technical means to get card numbers and passwords, some are bought from people in rural areas who do not understand the risks, and there are quite a few who are simply hired. A few years ago, I also received a phone call, saying to transfer 2000 to my WeChat, and I just need to transfer 1800 to another account. I also asked him, what if I don't transfer it out, won't you lose money? The other side said with a smile, we know your phone number and address, and we will not worry about this?

This scared me quite a bit, and later I thought about it, it might be the bank or something that sold my information, or it might be related to the courier.

If you have some cards that you don't use much, it is best to cancel them, and don't use more than three commonly used cards, so that you can't find out if there are any anomalies in the account.

Some accounts are hired to be handled, and this will find people who don't seem to have much culture and don't understand the importance of personal information. First, a certain price is offered to ask him to "help", and then pay him to apply for a bank card. Whenever there is a business, find a hotel to operate, which is to let him follow the instructions and transfer the money that comes in to the designated account.

There are also quite a few "Sanhe gods" who sell their ID cards all at once, and the other party can do whatever they want.Post-event, the fee is generally around 1% of the money involved. Each account typically dares to handle only a few hundred thousand at a time, profiting just over a thousand. Of course, the Sanhe gods won't get any money; they are currently indulging in a certain internet cafe, living a life of drunkenness and dreams.

However, this behavior constitutes assistance in money laundering, and once exposed, they will be caught. Moreover, the other party's behavior is so obviously abnormal, and they even took a commission, so they won't even have a chance to be sentenced to a suspended sentence in court.

I will briefly introduce the exchange-type underground bank here, and then talk about the lending-type banks.

As mentioned earlier, the bank's funds may be their own, or they may be collectively funded by the whole village. These principal or funds are lent out through the bank, just like a bank, but the interest rates are extremely high.

Short-term loans are basically within half a year, and the purposes are nothing more than bridge loans, operating difficulties loans, seasonal loans, speculative funds, etc.

A bridge loan is when a loan is about to expire, and the bank requires repayment before re-lending. During this period, customers need to borrow, usually for a few days to a month, with a monthly interest rate of 5%-10%. It may not seem high, but you should know that the bank's fixed annual interest rate is only 4%, while their annual interest rate is 60%-120%.

The risk of a bridge loan is that the bank will withdraw the loan, that is, the bank will no longer reissue the loan. This is a huge blow to the customer, and the customer's operations will instantly come to a halt, and many times it even leads to the customer's bankruptcy. The money in the bank is very dangerous at this time.

For example, in a famous case last year, a person named Sister Crab took more than 3 million in principal to Shenzhen to buy a house worth more than 7 million, preparing to mortgage it after the red book came down.

But if you don't pay the full amount, the red book won't come down, so under the operation of a "professional," Sister Crab let the small loan company support the bridge loan, with a daily interest rate of one-thousandth, borrowing 4 million. Now there is a red book quickly. A daily interest rate of one-thousandth means an annual interest rate of 36%.

However, Shenzhen just introduced a policy that prohibits mortgage within half a year after the transfer. Sister Crab was stunned and needed to hold this 4 million for half a year, with interest of more than 700,000, and she collapsed on the spot, reported on Weibo, and later it seems that there was no treatment.This type of borrowing is personal, and there are also many enterprises that need to borrow money. Enterprises face operational difficulties and take loans from banks. The greatest risk is that if the business does not improve during this period, the customers will not have money to repay. When the bank demands the money, it will find a long line of creditors waiting in front of it.

Those who have seen "In the Name of the People" may still remember that at the beginning of the story, the Dafeng Factory borrowed money to bridge the gap when the bank withdrew loans, the factory collapsed, and workers and creditors were in a stalemate, forming a long-term confrontation.

The factory director of Dafeng Factory was looking for loans everywhere, owing a lot of money that he couldn't pay back, and was locked in a dog wheel by the creditors for three days and nights. A dog wheel is a device where a dog can stand and lie down inside, but a person cannot lie down, sit, or sleep inside, and being locked in for a day can drive a person to the brink of collapse.

There was also the previous "Shandong Insulting Mother Case," which was also like this. The enterprise was poorly managed, and all possible loans were borrowed. In the end, it borrowed from the underground bank, and couldn't repay the money, and was insulted by the creditors.

Generally, if a company reaches the point of borrowing money from an underground bank to operate, it can be imagined that all regular channels must have been exhausted, and the boss may have already been on the list of "laolai" (defaulters). When the court auctions the assets, even if the money is sold, it may not be enough to repay the loans from major banks. The underground bank has already considered the issue of not being able to recover the loan when making the loan.

Speaking of this, some friends may wonder, it seems that the business of the bank is not easy to do, what if it can't be recovered?

In fact, the bank has already considered this loss from the beginning, so it has to raise the interest rate to offset the part of the money that may not be recoverable.

Moreover, most of these companies are also involved in criminal activities. After all, any contract involves a breach of contract issue, and there is an issue of execution when a breach occurs. If it is a regular bank business, you can apply for a court decision, and finally, the police will enforce it forcibly, confiscate the collateral, and everyone can see those law-auctioned houses on Taobao, many of which are confiscated by the bank.

The underground bank is illegal in itself, so it can't call the police, and it has to solve the problem by itself. How to solve it is also in everyone's mind, and it is definitely not possible to invite you to sing KTV.

4 ConclusionAfter all this talk, I'm sure everyone can see that as long as the economy develops, it's impossible to completely eradicate underground banks. Moreover, the current trend is that the amount of private capital is increasing, with a conservative estimate of the entire capital scale at 10-15 trillion. With an annual growth rate of 6%, this money can generate tens of billions of additional funds every year.

The composition of this is complex. Some are purely parasites, such as many banks that specialize in currency exchange and also forge documents to help enterprises defraud foreign trade subsidies. There are also those specialized money laundering organizations, which are a group of people who are always on the verge of being imprisoned. The more complex ones are those who lend money, including both those who specialize in usury and those who provide life support for enterprises. The problem is that it is very difficult to define between the two, and some institutions do both at the same time, and some institutions have become very large, not pursuing huge profits, focusing on safety, and may only do legal business.

Eradication is almost impossible, because as long as the economy develops, there is a huge social demand, which will naturally give rise to such businesses, but sometimes it is more rampant, and sometimes it is more restrained when it catches up with the crackdown.

So it can only be said to be "based on the law", and everyone should be vigilant in daily life to avoid getting involved in various loans or getting involved in money laundering business for a few small money, which is very unworthy.