Eight individuals indicted by a US jury in Boston for their alleged roles in elaborate money laundering and money transmitting conspiracies operated a sophisticated trade-based money laundering (TBML) scheme that used stolen or fraudulent gift cards to purchase and ship thousands of Apple products internationally.

The defendants also laundered hundreds of thousands of dollars’ worth of drug proceeds in exchange for Chinese Renminbi, allegedly accepting drug proceeds in Boston and New York for a fee, transferring the equivalent value of Chinese Renminbi to drug traffickers’ bank accounts and “selling” the drug proceeds to US individuals at a discounted exchange rate.

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