Hong Kong Police Arrest 7 for Alleged Money Laundering Conspiracy Involving Over HKD 110 Million in Criminal Proceeds

According to the Ming Pao Daily, the Hong Kong police launched “Operation Yi Men” yesterday, arresting a total of seven locals and foreigners on suspicion of conspiring to launder money. Those arrested are believed to have set up 48 puppet accounts to extract scammed money and trade virtual currencies, laundering more than HKD 110 million in criminal proceeds.

Inspector Li Zhipeng from the Hong Kong Police’s Financial Intelligence and Investigation Division stated that the incidents occurred between October of last year and June of this year. The associated fraudulent profits involved 21 local scams, including investment scams, online job application scams, and phone scams, totaling HKD 13 million. The police subsequently identified a criminal group, discovering a core member suspected of using puppet accounts to receive criminal proceeds. This individual also allegedly lured others with hundreds to thousands in profits to open bank accounts, then demanded their bank cards and passwords. After receiving the funds from these scams, the criminal group would make multiple transfers to evade police pursuit. Some of the money is suspected to have been used to purchase virtual currencies to conceal its origin.