Hong Kong police arrest 69 over laundering HK$200m from cross-border fraud
Suspects aged 18 to 60 held in joint operation targeting syndicate using mule accounts to launder proceeds from investment scams
Hong Kong police have arrested 69 people linked to a syndicate suspected of laundering about HK$200 million (US$25.5 million) from cross-border investment fraud affecting more than 170 victims.
The force said on Tuesday that 54 men and 15 women, aged between 18 and 60, were arrested on Monday in a joint operation with mainland Chinese authorities for alleged money laundering, involving “mule” bank accounts.
Losses from investment scams in Hong Kong reached HK$920 million between January and March – a 17 per cent year-on-year increase – said Senior Inspector Yip Kai-ming of the Anti-Deception Coordination Centre under the force’s commercial crime bureau, adding that the situation “warrants more attention”.
“A new online friend suddenly encouraging you to invest is a red flag for a scam,” Yip said.
Police cited a case in May involving an online romance-investment scam, in which a mainland resident was persuaded to download an investment app and invest in cryptocurrency, gold and other assets, with promises of high returns.
The scammers initially paid out about HK$970,000 in fake investment returns, leading the victim to believe the scheme was genuine.