(Yicai Global) Jan. 21 -- Beijing police teamed with their Macau counterparts to break an underground bank case involving over CNY30 billion (USD4.4 billion) and arrested 39 criminal suspects, local media the Beijing News reported.

Law enforcement learned the gang had registered point of sale terminals in mainland China then illegally moved them to Macau for illegal cash-outs  in casinos in the local currency the pataca and in Hong Kong dollars, per the report. Authorities identified 39 ringleaders and hundreds of cardholders who illegally exchanged currency.

Beijing deployed over 100 officers to collar the 39 suspects in the Chinese capital, Hebei, Hubei, Guangdong and Macao simultaneously, and froze over CNY150 million (USD22 million) and HKD24 million (USD3.1 million) in funds. 

They also seized more than HKD400 million in cash, four vehicles, 32 illegally modified POS terminals, and numerous computers and bank cards onsite, according to the report.

Editor: Ben Armour