16-2-2024 (HONG KONG) Hong Kong authorities have apprehended seven individuals suspected of participating in a money laundering case amounting to US$1.8 billion, marking the largest such case in the financial hub, officials announced on Friday.
The seven individuals, including five men and two women aged between 23 and 74, were all Hong Kong residents. Among them, one is believed to be the mastermind behind the elaborate scheme, according to customs authorities.
As part of the operation, authorities seized assets valued at HK$165 million (US$21.10 million), which included five properties and three commercial units.
Yeung Yuk Man from the customs department revealed that the agency collaborated with various law enforcement authorities in the region to share intelligence, including with counterparts in India.
The money laundering scheme allegedly involved online scams in India and the trafficking of various goods, including electronics and rare gems such as diamonds. Shell companies and multiple bank accounts were purportedly utilized to launder the money, with one account reportedly receiving over 50 deposits in a single day. Authorities did not disclose the names of the banks involved.
While investigations are ongoing, all seven individuals have been released on bail, and authorities have not ruled out the possibility of further arrests in connection with the case.
