- Hong Kong Customs authorities have arrested seven people in connection with the largest money laundering case in Hong Kong’s history, involving approximately $1.8 billion.
- Those arrested are believed to be part of a large multinational syndicate that used shell companies and bank accounts to transfer large sums of money from overseas to Hong Kong.
- The syndicate received large amounts of funds, with one account receiving as much as $12.8 million in one day.
Hong Kong customs authorities have arrested seven people in connection with the largest money laundering case in Hong Kong’s history, involving about $1.8 billion, some of which was linked to a fraud case in India.
Seven local residents, aged between 23 and 74, were linked to a large multinational syndicate that used various shell companies and bank accounts to transfer large sums of money from overseas to the city under the guise of running an international trading business. Customs officials announced Friday. .
One account reportedly received up to $12.8 million in a single day.
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Yip Tun-ting, director of the Customs Financial Investigation Bureau, said $371 million of the total is suspected to be related to the Indian mobile application fraud case. But she did not reveal which application it was.
February 16, 2024, Customs and Financial Investigation Department Director Yip Tun-ting (centre), Deputy Director Yong Yuk-man (left), and Director General Yu Yu-wing attend a press conference regarding money laundering cases in Hong Kong. (AP Photo/Louise Delmotte)
Some of those arrested were non-Chinese Hong Kong residents, she said, without providing details.
Yip said authorities believe the syndicate received money from India in the name of exporting electronics, diamonds, jewelry and precious metals. The proceeds were then transferred to a Hong Kong bank account for money laundering.
“These money laundering activities provide an umbrella for criminals to protect their illicit profits,” she said.
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Yip said law enforcement agencies from Hong Kong, India and other countries cooperated in carrying out the operation, making it a success.
Yu Yu-wing, head of the bureau, said officers exchanged information with Indian authorities and found that some of the funds came from two jewelery companies that Indian authorities said were involved in the fraud. He said he discovered.
A 34-year-old Hong Kong resident who was arrested in late January is suspected of being the ringleader of the syndicate, she said.
Authorities seized electronic equipment, documents and more than 8,000 carats of synthetic gemstones believed to be destined for export to India.
The investigation continued.
The previous record-breaking money laundering case involved approximately $767 million and resulted in the arrest of nine people in January 2023.
