4 arrested in HK$1.5 billion Hong Kong money-laundering case involving crypto
- Three of the four arrested are family members that allegedly ran syndicate, including a 39-year-old man and his 66-year-old father
Hong Kong customs has cracked down on a money-laundering racket that processed HK$1.5 billion (US$192 million) in alleged crime proceeds through cryptocurrency transactions and more than 200 bank accounts, resulting in the arrest of four suspects, including a family of three.
A source familiar with the case said on Thursday the syndicate, allegedly run by a 39-year-old man and his 66-year-old father, used 39 bank accounts of six shell companies set up by the pair to collect suspicious funds from South Korea.
The Post has learned that the two men are Hong Kong identity card holders of Asian descent, and the company secretary of the three firms set up by the father is his 54-year-old wife.
Inspector Poon Yip-kan of customs’ financial investigation bureau said a preliminary investigation revealed part of the funds was linked to criminal activities overseas.
“The syndicate used traditional bank transfers as well as cryptocurrency transactions to wash the dirty cash,” Poon said.
The inspector also revealed HK$1.5 billion had been transferred into the bank accounts of the shell companies from overseas in more than 2,000 transactions between August 2020 and August 2022.
