Hong Kong arrests seven in US$1.8 billion money laundering case
HONG Kong authorities said on Friday (Feb 16) they had arrested seven people suspected of being involved in a US$1.8 billion money laundering case, the largest ever in the financial hub.
The seven comprised five men and two women aged 23 to 74, one of whom is believed to be the mastermind of the scheme, customs authorities said.
They did not reveal the nationalities but said all seven were Hong Kong residents.
Authorities seized HK$165 million (S$28.3 million) worth of assets, including five properties and three commercial units, as part of the operation.
Yeung Yuk Man from the customs department said the agency contacted several regional law enforcement authorities to share its intelligence, including India.
The scheme allegedly involved online scams in India and the sale of electronics and rare gems including diamonds, among other goods, authorities said.
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Shell companies and multiple bank accounts are believed to have been used to launder money, with one account receiving more than 50 deposits in one day. Authorities did not name the banks.
The seven were all released on bail while investigations continue and authorities did not rule out the prospect of further arrests. REUTERS
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