According to PANews, Hong Kong Customs has dismantled a money laundering syndicate, arresting four individuals suspected of using shell companies to launder HK$1.5 billion through virtual currency transactions. The suspects, currently on bail, have had approximately HK$2.2 million in assets frozen across multiple bank accounts.
Customs Organized Crime Investigation Division Chief Investigator, Pan Yeqin, revealed that the arrested individuals include a family of three and a local man. The family, consisting of an Asian father and son, are believed to be the masterminds behind the syndicate. Investigations indicate that between 2020 and 2022, they received large sums of unexplained funds from overseas, some of which were linked to foreign criminal activities. They established several shell companies in Hong Kong to transfer these funds into over 30 accounts across seven banks, with the largest single transfer amounting to HK$23 million. Pan stated that the syndicate then fragmented the transactions, transferring smaller amounts into 180 third-party accounts. They recruited a 31-year-old local man, offering a monthly salary of HK$70,000, to handle HK$300 million in illicit funds through virtual currency.
Pan added that the customs operation, conducted yesterday, involved searches of three residential units and one commercial premise. During the operation, authorities seized mobile phones, computers, bank cards, and documents, effectively dismantling the syndicate. Preliminary investigations suggest that the cross-border funds originated from South Korea.