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Hong Kong police smash HK$320 million money-laundering operation and arrest 19, but origins of most of cash still mystery
- Police say syndicate, which began operating around June last year, also scammed at least 25 victims, with biggest single loss involving around HK$1 million
- Various bank accounts linked to syndicate handled about HK$320 million over the past year, with officers looking for other scamming or illegal activities
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Hong Kong police have arrested 19 suspected members of a money-laundering syndicate that handled more than HK$320 million (US$40.5 million), with the amount uncovered by investigators “far exceeding” expectations and the origins of most of the money still unknown.
The force on Sunday said the syndicate, which began operating around June last year, had also scammed at least 25 victims, with each individual losing tens of thousands of Hong Kong dollars. The biggest single loss was around HK$1 million.
Chief Inspector Lau Ho-tak of the Kowloon East regional crime unit said the amount of money scammed from the known victims amounted to just around HK$4 million, while various bank accounts linked to the syndicate handled about HK$320 million over the past year.
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“This number far exceeds what police knew about. We will continue to trace whether the group and its bank accounts were involved with other scamming or illegal activities, and may arrest more people,” he said.
Twelve men and seven women, aged 25 to 42, were arrested in a two-day crackdown on Wednesday and Thursday. Among them were the head of the syndicate and key members, some with triad backgrounds, police said.
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