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

• •Zhuoying Chen and Haojie Zhang charged with laundering $43 million from investment fraud.
• •The operation involved 140 bank accounts and 45 shell companies in New York.
• •Victims were targeted via social media, leading to significant financial losses.

Zhuoying Chen and Haojie Zhang, both from New York, have been charged with laundering over $43 million derived from cyber investment fraud scams. The indictment, unsealed on July 17, 2026, alleges that between 2020 and 2022, they managed a network that opened 140 bank accounts under approximately 45 shell companies to facilitate the laundering process. Victims were targeted through social media and messaging services, where scammers built trust and convinced them to invest in fake opportunities, ultimately stealing their funds. The funds were then transferred to co-conspirators in China. U.S. authorities emphasize the importance of dismantling such networks to protect American citizens from financial exploitation. If convicted, both defendants face a maximum sentence of 20 years in prison.