Three arrested over money laundering involving HK$1.8 billion

Customs arrested three on suspicion of money laundering via a cryptocurrency exchange trading platform and several company bank accounts involving around HK$1.8 billion.

The three local arrestees, aged between 42 and 60, were believed to have set up five companies and 18 local bank accounts between June 2021 and July 2022 to deal with over 1,000 suspicious transactions. 

One of the accounts was revealed to have received a total of HK$39 million in a single day, with as many transactions as 167 in a day.

Customs mounted an operation on Wednesday (Apr 17) and raided four residential units and seven companies, two of which were money service operators. 

None of the companies had tax records, import/export customs declarations, or physical business addresses, the officers added.

The trio were believed to be the core members of the money laundering syndicate.

An investigation is ongoing. The three arrested have been released on bail pending further investigation and the likelihood of further arrests is not ruled out.