13 arrested in Hong Kong over HK$113 million ‘iAM Smart’ laundering crackdown
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Hong Kong police arrested 13 individuals for allegedly laundering over HK$113 million (US$14.4 million) through the government's "iAM Smart" app. The suspects, nine men and four women aged 38-75, are accused of using victims' "iAM Smart" accounts and mule bank accounts to launder money obtained through scams. The syndicate reportedly lured jobseekers with fake cleaning job advertisements, then used their identities to open "iAM Smart" accounts for illicit financial transactions. Between June 2025 and January, the syndicate laundered the funds by linking the victims' identities to stored value payment accounts via the app. Police noticed a surge in fraud cases involving savings and payment accounts used as mule accounts towards the end of last year, prompting the investigation.
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