175 arrested for scams and money laundering totaling HK$780m

Hong Kong police have arrested 175 suspects linked to scams totaling some HK$780 million as part of a crackdown on fraud and money laundering.

A police spokeswoman said on Wednesday they had arrested 175 people, aged 17 to 75, in a 16-day operation between May 27 and June 11. The suspects were linked to 141 cases of deception and money laundering involving 665 victims.

The spokeswoman said an investment scam that targeted a 73-year-old woman accounted for the largest single financial loss of HK$28 million - costing the woman’s life’s savings.

Also among the victims are highly educated and high-income professionals, including doctors, lawyers, pharmacists, investment analysts, and university researchers.

The police said five of the suspects were buyers of the stooge accounts, with the rest being the original owners of the accounts, who had allegedly provided their bank accounts to fraud syndicates to collect and launder scammed money.

Members of the public are reminded not to lend or sell their bank accounts to others to handle cash from unknown sources as they could face money laundering charges.

The offense is punishable by up to 14 years in jail and a HK$5 million fine.