Shanghai police announced on Thursday that it has cracked a case of illegal foreign exchange trading involving more than 100 million yuan ($13.87 million) and arrested five suspects.

Preliminary police investigation showed that since 2016, a 54-year-old woman surnamed He, who was in charge of an agency providing immigration related services, and a 39-year-old woman surnamed Sun, an employee of the agency, have illegally provided foreign exchange trading for others in order to seek illegal benefits.

They collected Chinese currency domestically and provided foreign currency overseas for others while providing immigration related services.

Police have also determined that three other employees of the agency were involved in the criminal act of providing illegal exchange for others through the introduction of underground banks.

Suspects He and Sun have been detained for criminal charges, and the other three suspects, surnamed Wan, Gao, and Jiang, were released on bail.

Police reminded the public that foreign exchange trading should be conducted at designated venues as stipulated. Illegal trading of foreign exchange seriously disrupts the order of the national financial market, and those suspected of committing crimes will be severely punished by police in accordance with the law.