Hong Kong, Macau police arrest 22 over money-laundering syndicate behind HK$2.2 billion in suspected crime proceeds

Police in Hong Kong and Macau have arrested 22 people in a crackdown on a cross-border syndicate that laundered HK$2.2 billion (US$280 million) in suspected crime proceeds through 181 bank accounts in 18 months.

According to Hong Kong police, HK$84 million was linked to 32 cases of deception reported in the city, including 15 phone scams, six investment frauds and five internet love swindles.

During the joint operation, code-named “Deferscheme”, 17 of the suspects were rounded up in a series of raids in Hong Kong on Tuesday. In Macau, authorities picked up another five people on the same day.

Four of those arrested in Hong Kong were allegedly core syndicate members, while 13 were suspected holders of bank accounts used to handle illegal proceeds, according to Senior Inspector Chan Hok-lun of the force’s financial intelligence and investigation bureau.

Chan said the investigation suggested relatives, lovers, spouses, ex-colleagues or former schoolmates of the core members set up the accounts in exchange for payments. Some of the main members had also set up accounts for the syndicate.