A local Chinese bank uncovered an embezzlement and money laundering scheme involving its two former executives, a former shareholder, and other suspects, using cryptocurrency to launder funds.

The report noted that the illegally converted funds amounted to 1.8 billion yuan ($248 million), according to a report by Chinese financial news outlet The National Business Daily.

A court document showed that a 44-year-old suspect surnamed Chen had helped the former executives of Bank of Huludao, a commercial bank in Northeast China, to allegedly launder at least 250 million yuan ($34.4 million) through his bank accounts, the report added.

In August 2020, according to a report, Li Yulin, the former party secretary of Bank of Huludao, and Li Xiaodong, its former acting president, along with two …