Brooklyn, NY – In a brazen scheme, Zhuoying Chen, 27, and Haojie Zhang, 38, have been charged with laundering a staggering $43 million in investment fraud proceeds. The duo, allegedly at the helm of a Chinese money laundering network, managed a network of over a dozen individuals based in Queens and Brooklyn.
According to the indictment, Chen and Zhang orchestrated the laundering of at least $43 million in proceeds of investment scams between 2020 and 2022. The scheme involved opening 140 bank accounts in the name of approximately 45 shell companies. The indictment also alleges that Chen and Zhang conspired with China-based co-conspirators to transfer the funds involved in the fraud schemes abroad.
The investment scams, which targeted unsuspecting victims via messaging services and social media applications, involved perpetrators gaining the trust of victims and convincing them to send money for lucrative investment opportunities. The perpetrators would then show the victims fake profits on the purported investment and encourage them to invest more, ultimately stealing the victim’s funds.
Chen and Zhang made an initial appearance in Brooklyn, New York on Thursday, July 16, 2026. The indictment unsealed today marks a significant blow to the Chinese money laundering network, and law enforcement agencies are working tirelessly to dismantle the operation.
The indictment highlights the sophistication and scope of the scheme, with Chen and Zhang allegedly using a network of shell companies and bank accounts to launder the proceeds of the investment scams. The case serves as a reminder of the importance of vigilance in the face of online scams and the need for law enforcement agencies to stay one step ahead of perpetrators.
As the investigation continues, authorities are urging victims of the investment scams to come forward and report any suspicious activity. The case is a stark reminder of the devastating consequences of financial crimes and the importance of holding perpetrators accountable.
Source: Department of Justice
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