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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.

Customs displays the goods such as electronics which were seized during the city’s largest money laundering case. Photo: Dickson Lee
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Head of Customs Financial Investigation Bureau Ip Tung-ching, center, Deputy Head Yeung Yuk-man, left, and Divisional Commander Yu Yiu-wing attend a press conference on a money laundering case in Hong Kong, Friday, Feb. 16, 2024.(AP Photo/Louise Delmotte)

Overview

  • 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.