Hong Kong siblings arrested on suspicion of laundering HK$384 million through various channels, including cryptocurrency platform
- Brother and sister found to have received more than HK$100 million from 380 different personal bank accounts of other people in nearly 2,500 transactions
- Cash was also deposited in 617 attempts through ATMs on late nights, with each transaction reaching HK$100,000
Hong Kong customs on Tuesday arrested a pair of siblings accused of laundering HK$384 million (US$49.2 million) through various means, including by using cryptocurrency pegged to the US dollar.
The sister-and-brother duo, aged 28 and 21 respectively, said they only earned up to HK$15,000 monthly from their claimed occupations. They were arrested in their home in Yau Tong.
Initial investigations revealed a total of HK$384 million was transferred through their personal accounts between May and November last year at various banks in Hong Kong, as well as on a cryptocurrency exchange trading platform.
The enormous sum did not match the income of the suspects, who also failed to explain the source, prompting officers to believe the siblings were laundering black money through bank transfers, cash deposits and cryptocurrency.
Yu Yiu-wing, senior investigator of customs’ syndicate crimes investigation bureau, said the brother had handled HK$38 million in his registered account under a cryptocurrency exchange trading platform.