Hong Kong Customs Cracks Down on $1.8 Billion Money Laundering Syndicate

Seven individuals have been arrested in connection with a transnational crime involving shell companies and bank accounts used to launder funds from overseas.

• Hong Kong customs officials have arrested seven people linked to the territory's largest ever money laundering case, involving about $1.8 billion.
• The scheme is connected to a mobile app scam in India and involved laundering money through transactions involving electronics, gemstones, and jewelry.
• Authorities seized HK$165 million ($21.10 million) worth of assets, including properties and commercial units, as part of the operation.
• The syndicate used various shell companies and 'stooge' bank accounts to transfer large sums under the guise of international trading businesses.
• Investigations are ongoing, with cooperation from law enforcement in Hong Kong, India, and elsewhere, and further arrests have not been ruled out.

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