2 arrested in raid on Hong Kong syndicate accused of laundering HK$4.7 billion
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Hong Kong customs officials arrested two men for allegedly laundering HK$4.7 billion (US$600.54 million) over four years through a syndicate that also ran a drug business. The syndicate used shell companies, frequent transfers, and numerous bank accounts to channel unexplained funds through over 2,100 transactions. A 66-year-old man, the director and shareholder of the two companies involved since 2021, opened 38 accounts across six banks, claiming to be in the import/export and electronics businesses. Raids on the companies' premises uncovered approximately 1kg of various narcotics, valued at HK$320,000, further implicating the syndicate in drug-related activities.
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AI-ExtractedA 66-year-old man allegedly opened 38 accounts across six local banks.
Officers discovered about 1kg of narcotics worth HK$320,000 during raids.
The money-laundering tactics involved shell companies, frequent transfers and multiple local bank accounts.
The syndicate allegedly laundered criminal proceeds over four years and ran a drug business.
Two men were arrested in Hong Kong for allegedly laundering HK$4.7 billion.
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