Hong Kong authorities arrest 7 in $2.4b money laundering case

HONG KONG — Hong Kong authorities said on Feb 16 that they have arrested seven people suspected of being involved in a US$1.8 billion (S$2.4 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, the customs authorities said.

They did not reveal their nationalities but said all seven were Hong Kong residents.

The authorities seized HK$165 million (S$28.4 million) worth of assets, including five properties and three commercial units, as part of the operation.

Yeung Yuk Man, from the customs department, said his agency contacted a number of law enforcement authorities in the region 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, the authorities said.

The scheme allegedly used shell companies and multiple bank accounts to launder money, with one account receiving more than 50 deposits in one day. The authorities did not name the banks.

The seven were all released on bail while investigations continue, and the authorities did not rule out the prospect of further arrests. 

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