Hong Kong breaks up $1.8 billion money laundering ring, largest ever

Some of the goods seized by Hong Kong Customs during the investigation.

Hong Kong Customs said the group of seven people included five men and two women, aged between 23 and 74. One of them is believed to be the ringleader of the money laundering ring.

According to Reuters on February 16, local authorities did not disclose the nationalities of the suspects, but said all were permanent residents of Hong Kong.

During the investigation, authorities seized assets worth a total of $21.2 million, including five properties and three businesses.

Hong Kong Customs official Yeung Yuk Man said he had shared the investigation information with several law enforcement agencies in the region, including India.

The money laundering ring is believed to be linked to online scams in India, as well as the sale of precious stones such as diamonds.

The ring used front companies and multiple bank accounts to launder money, with one account receiving more than 50 transfers per day. Authorities did not name the banks involved.

The group of seven suspects were released on bail while the investigation is ongoing, and Hong Kong police have not ruled out the possibility of arresting more suspects.

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