Macau casino junket operator accused in HK$1.8b dirty cash case
Macau junket operator, subject of long-running investigation, faces three counts of money laundering after surrendering to the police
Prominent Macau casino junket operator Cheung Chi-tai has been accused of laundering HK$1.8 billion through bank accounts in Hong Kong after he "surrendered'' to police in the city earlier this week.
Cheung - subject of a long-running investigation by Hong Kong police - is suspected of dealing with property known or believed to represent proceeds of crime under the Organised and Serious Crimes Ordinance.
The 54-year-old businessman walked into Wan Chai police station with his lawyer on Monday and was arrested.
His arrest comes as Macau's VIP casino junkets - businesses which bring high-rolling gamblers to the tables of the city's gaming giants - are facing an unprecedent squeeze due to a Beijing-led bid to rein in the gaming industry and a slowing mainland economy.
Detectives from the financial investigations unit of the police narcotics bureau are leading the investigation.
Cheung - described as Hong Kong permanent resident who lives in Repulse Bay - appeared in Eastern Court on Wednesday to face three separate charges of money laundering.
The first charge against Cheung alleges that between January 2, 2004, and May 4, 2010, he dealt with "property'' - HK$828,509,955.30 deposited into his Bank of China account in Hong Kong - which he knew in whole or in part directly or indirectly represented the proceeds of an indictable offence.