BEIJING, Sept 27 (Reuters) - Authorities in China's southern Hunan province have cracked down on a large money laundering criminal group, suspected of laundering up to 40 billion yuan ($5.61 billion) through virtual currency transactions, an official release said.

The Public Security Bureau of Hengyang in Hunan said the group was also suspected of being behind more than 300 cases involving telecommunications fraud.

Authorities arrested 93 people and seized 300 million yuan of funds and more than 100 mobile phones and computers, according to a statement posted on the bureau's official social media account. ($1 = 7.1311 Chinese yuan renminbi) (Reporting by Shanghai newsroom; Writing by Liz Lee; Editing by Kim Coghill)