Hong Kong Police Bust Money Laundering Network Worth Nearly HKD 600 Million, 147 Arrested

The Hong Kong police launched an operation from August 7 to 8, dismantling a money laundering network that utilized a large number of "puppet accounts" for fund transfers, resulting in the arrest of 147 individuals and involving an amount close to HKD 600 million. Police conducted searches at multiple locations, seizing a large number of bank cards, cash, and electronic devices as evidence. Investigations revealed that the involved gang recruited others to provide bank accounts, using multiple accounts to split funds, conduct frequent transfers, and layer transactions to disguise the source of the funds. Some account holders, after receiving compensation ranging from hundreds to thousands of HKD, handed over their online banking login information for others to control. The police indicated that the mastermind employed a "disjointed" management model to avoid direct contact with the funds and arranged for the processed funds to be transferred to associated individuals' accounts to conceal the flow of money. The operation resulted in the seizure of approximately HKD 3.65 million in cash, as well as luxury watches, gold jewelry, vehicles, and other items, with a total value of about HKD 5 million. The police have successfully cut off the related financial chain and will continue to investigate the individuals behind the scenes and the flow of funds. The police remind citizens not to sell, rent, or lend their personal bank accounts to avoid being exploited by criminals and bearing legal responsibilities.

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