BUSINESS

Chinese man accused of operating a $61.8B online casino nabbed in Vietnam

TAGs: Jasmine Solana, Vietnam, wechat, Zhou

Police in Vietnam arrested a Chinese man who was believed to have been running an online gambling site worth more than $60 billion has been arrested

Chinese man accused of operating a $61.8B online casino nabbed in VietnamThe man, surnamed Zhou, is wanted by the Chinese government on suspicion of operating an online casino, the Shanghai Daily reported.

Zhou, who was born in 1969 in Wenzhou in the Zhejiang province, reportedly set up an online gambling site in 2011 with his accomplices. The site was built using capital of 400 billion yuan (US$61.77 billion) and made a profit of 580 million yuan (US$89.6 million) when it was in operation, according to the report.

Two years ago, the International Criminal Police Organization issued a red notice for Zhou, who has fled the country. A year later, the Chinese Ministry of Public Security sent a request to its counterpart in Vietnam to arrest Zhou.

In March, a joint team of Hanoi and Chinese police officers arrested Zhou at a restaurant in the city. Zhou has since been deported to mainland China.

In 2011, the Chinese government announced a nationwide crackdown on gambling, which they considered a vice that needs to be expunged together with prostitution, among other things.

The government stepped up its monitoring of land-based entertainment venues, including clubs, bath houses, massage parlors and internet cafes, for signs that their list of entertainment options included gambling or sex for sale.

In Zhejiang province–where, incidentally, Zhou also hailed from—police uncovered a ring of Hongbao gamblers on the Wechat social network.  Wechat’s option for Hongbao, or red envelopes containing money, was allegedly used by some enterprising users to attract several hundred members who paid US$16 each as an upfront guarantee. The member who received the lowest amount in the first random round was required to issue the next envelope, which had to contain at least 200 yuan. Organizers reportedly took a % percent rake on the contents of the envelopes.

Comments

views and opinions expressed are those of the author and do not necessarily reflect those of CalvinAyre.com