Two Charged in $43 Million Chinese Money Laundering Scheme from Investment Fraud

Zhuoying Chen and Haojie Zhang were charged for laundering $43 million from cyber investment fraud scams. Operating from 2020 to 2022, they managed a network that opened 140 bank accounts under 45 shell companies in New York. Victims were contacted via social media and persuaded to invest in fake opportunities, leading to significant financial losses. The funds were then transferred to bank accounts in China. The indictment highlights the ongoing issue of investment fraud, which accounted for nearly half of scam-related incidents in 2025. If convicted, Chen and Zhang face up to 20 years in prison. The case underscores the efforts of U.S. authorities to dismantle international money laundering networks linked to cybercrime.

Key Points: • Zhuoying Chen and Haojie Zhang charged with laundering $43 million from investment scams. • The duo managed a network involving over a dozen individuals and 140 bank accounts. • Investment fraud accounted for 49% of scam-related incidents in 2025, with losses of $8.6 billion.