On the evening of January 14, the fourth episode of the television documentary series, titled "Unceasing Steps, Not Retreating Half a Step," named "Technology Empowers Anti-Corruption," was broadcast, disclosing the case of Yao Qian, the former Director of the Science and Technology Supervision Department of the China Securities Regulatory Commission (CSRC).
Beyond the geographical separation between domestic and overseas locations, the physical segregation between online and offline spaces has also become a method used by corrupt individuals attempting to conceal their illicit activities. Gold, cash, and valuable items are common mediums for power-for-money transactions in traditional corruption cases. However, with the advent of the digital age and the continuous development of virtual currencies underpinned by blockchain technology, corruption has manifested in a new form that demands vigilance.
These are key pieces of evidence seized in a case involving disciplinary violations and illegal activities by a leading cadre. They appear to be items like mobile phones, USB drives, or remote controls. In reality, they are various types of hardware wallets used for storing and managing virtual currencies. These three seemingly insignificant small "wallets" contained virtual currencies with a total assessed value equivalent to tens of millions of yuan. Those who accepted bribes through such means had also harbored侥幸心理, believing their methods were sufficiently covert.
Yao Qian, the former Director of the Science and Technology Supervision Department and former Director of the Information Center at the CSRC, who previously served as the Director of the Digital Currency Research Institute at the People's Bank of China, was placed under case filing for review and investigation in April 2024. A special task force was formed by the Central Commission for Discipline Inspection (CCDI) and National Commission of Supervision stationed at the CSRC, jointly with the Supervision Commission of Shanwei City, Guangdong Province, to handle this case. From the outset, the task force conducted an in-depth analysis tailored to Yao Qian's specific characteristics.
As the review and investigation deepened, the task force's initial predictions were confirmed. Several of Yao Qian's major power-for-money transactions employed new and concealed forms of corruption, including the acceptance of virtual currencies. Virtual currencies exist merely as strings of numbers online, not only separated from the holder's identity but also completely isolated from the commercial banking and payment institution systems. They can be freely traded on the blockchain and cross borders without geographical restrictions, offering极强的隐蔽性 and posing significant challenges for supervision. However, the task force was well-prepared from the start, acquiring extensive professional knowledge to deeply understand the operational mechanisms of virtual currencies and identify the key points for the review and investigation.
Sure enough, the task force seized a hardware wallet from a drawer in Yao Qian's office. Simultaneously, strictly adhering to regulations, discipline, and the law, the task force fully utilized big data and information technology to conduct a comprehensive排查 of Yao Qian's relevant circumstances, uncovering related traces. From the legally obtained account information, while Yao Qian's personal accounts showed no obvious abnormalities, big data交叉排查 revealed that several bank accounts opened under others' identities were actually Yao Qian's "shell accounts," controlled by him. By tracing the origins of large fund flows into these "shell accounts," a significant discovery was made regarding one particular transfer of 10 million yuan.
The investigation revealed that shortly after this 10 million yuan entered Yao Qian's "shell account," it was used to pay for part of a villa in Beijing. This villa, with a total price of over 20 million yuan, was registered under the name of one of Yao Qian's relatives but was фактически owned by Yao Qian himself, with all purchase funds originating from his "shell accounts." Besides this 10 million yuan, two other large deposits, totaling 12 million yuan, were also used for the villa payment. Tracing the origin of this 12 million yuan revealed an equally异常复杂 and convoluted path.
The task force penetrated the layers of "smoke screens," conducting in-depth investigation and evidence collection to pinpoint the source of this 12 million yuan. The funds all originated from an information service company controlled by businessman Wang Mou. This led to the discovery that Yao Qian had used his authority to assist this company in providing technology services within the securities and futures industry, forming a complete evidence chain for this 12 million yuan利益输送.
Wang Mou further revealed that a key intermediary in this power-for-money transaction was named Jiang Guoqing, Yao Qian's subordinate, with whom Yao had a very close relationship. The task force subsequently placed Jiang Guoqing under lien measures. The investigation found that Jiang had participated in almost every major power-for-money transaction involving Yao Qian, particularly playing a role when Yao accepted bribes in virtual currency.
Jiang Guoqing followed Yao Qian through transfers to the Digital Currency Research Institute of the People's Bank of China and later to the CSRC's Science and Technology Department. He was not only a trusted confidant of Yao Qian but also acted as a pawn in Yao's corrupt activities. Many of the business owners involved in power-for-money transactions with Yao Qian were introduced by or had their requests conveyed through Jiang Guoqing, who also took a cut for himself.
In 2018, a cryptocurrency circle老板 named Zhang Mou, through Jiang Guoqing, requested Yao Qian to provide assistance for his company's token issuance fundraising project. Yao Qian accepted the request and made a打招呼 to a certain virtual currency exchange, helping Zhang's company successfully issue tokens and raise 20,000 Ether. Subsequently, Zhang Mou gave Yao Qian 2,000 Ether as a thank-you gesture. At their peak assessed market value, these 2,000 Ether were once worth over 60 million yuan. The effectiveness of Yao Qian's "greeting" was naturally inseparable from the influence of his official position.
To further solidify the evidence chain, the task force leveraged the characteristics of virtual currencies, attempting to reconstruct the entire flow process of Yao Qian accepting virtual currency on the blockchain.
The task force utilized blockchain technology to query both the flow chain of the 2,000 Ether from Zhang Mou's Ether wallet address eventually reaching Yao Qian's Ether wallet address in 2018, and the complete record of Yao Qian transferring out 370 of those Ether in 2021, which were exchanged for 10 million yuan. The task force conducted electronic evidence collection in accordance with regulations, discipline, and the law, achieving mutual corroboration and forming a closed loop of evidence. Faced with such a robust evidence chain, Yao Qian had no choice but to admit his disciplinary and legal violations.
In November 2024, Yao Qian was expelled from the Communist Party of China and dismissed from public office, and his case was transferred to the procuratorial organs for依法审查起诉. The successful handling of this case accumulated experience for disciplinary inspection and supervision organs in investigating virtual currency bribery and acceptance issues. Virtual currencies may seem intangible and shadowless, but once an attempt is made to use them in the real world, they can no longer maintain their virtual state and are bound to "develop" somewhere. The villa purchased by Yao Qian acted as the "developer" that exposed him. Despite the painstakingly laid layers of deception, the outcome of being穿透 was ultimately inescapable. When Yao Qian was subjected to lien measures, the villa's renovation was not yet completed, but he had already lost the chance to reside there.
Using virtual currencies to conceal corrupt gains is just one form of new and隐性腐败. Under the high-pressure stance against corruption, no matter how tactics are innovated or methods are disguised, as long as the essential characteristic of corruption—power-for-money transactions—is firmly grasped, and regulations, discipline, and the law are strictly adhered to, fully utilizing big data and other information technologies to enhance identification and investigation efforts, and continuously enriching effective prevention and control measures, corruption in any form will find no place to hide.
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