Police smash $1.16b triad-linked money laundering syndicate, arrest 15

Police arrested 15 individuals connected to a triad-linked money laundering operation involving HK$1.16 billion. Assets valued at over HK$24 million were confiscated, and nine bank accounts containing deposits exceeding HK$1.6 million were frozen.

The arrestees, aged 27 to 62, include six core leaders and key members of the money laundering syndicate.

The investigation began a year ago when Yau Tsim District police identified triad members suspected of engaging in illegal activities including unlawful lending, extortion, and fraud. 

Disputes over profits from these illicit operations were found to frequently escalate into violent conflicts.

A thorough investigation revealed that a 35-year-old leader of the triad group had allegedly entrusted his spouse, girlfriend, and close associates with the management and laundering of approximately HK$200 million in illicit funds through 21 personal bank accounts. Most account holders had no declared income and had not filed tax returns.

Police further discovered that three bank accounts under financial companies operated by the suspects had recorded nearly HK$960 million in deposits and withdrawals over the past five years, a volume described as "exceptionally large."

Despite having no fixed employment or legitimate income, core members of the syndicate were found to frequently purchase luxury goods and maintain extravagant lifestyles.

On Thursday (Nov 13), police raided two suspected illegal gambling dens controlled by the syndicate, apprehending the mastermind and individuals involved in unlawful gambling operations.

During a search of a Ma On Shan unit rented by the suspects, authorities seized HK$16 million in cash and five luxury watches valued at HK$7 million.

Police believe the operation has successfully severed the money flow of the triad group, significantly undermining their revenue sources. 

They emphasized a zero-tolerance stance toward all triad-related crimes and pledged to combat related illegal activities and income streams.