Hong Kong Customs Uncovers Major Money Laundering Scheme
In a significant operation, Hong Kong Customs has reportedly uncovered an alleged money laundering scheme tied to the illegal transfer of both cash and virtual assets, with a staggering sum of approximately HK$1.15 billion involved. Authorities have apprehended two suspects linked to this case: a local man aged 37 and a 50-year-old male from outside the region.
Investigation Details
The investigation was initiated after Customs analyzed intelligence that suggested the pair were engaging in suspicious activities, including smuggling cash out of Hong Kong and executing a series of rapid transactions involving stablecoins and traditional currencies. The financial activities displayed irregularities, prompting concerns over their origins, which were inconsistent with the suspects’ known backgrounds.
Coordinated Operation and Arrests
This morning, Customs carried out a coordinated operation, executing search warrants at four residential properties and two businesses related to the suspects. Based on findings, investigators arrested both men under the Organized and Serious Crimes Ordinance, charging them with “dealing with property known or believed to represent proceeds of crime,” effectively meaning they face money laundering allegations.
Seizures and Ongoing Investigation
During the raids, officials seized a variety of electronic devices, including multiple mobile phones and tablets, as well as bank cards that may be pertinent to the ongoing investigation. As of now, both individuals have been released on bail while inquiries continue, raising the possibility of further arrests down the line.
