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 consisted of five men and two women, aged between 23 and 74. One of them is believed to be the ringleader of the money laundering operation.

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 5 properties and 3 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.

Those involved in the scheme used shell companies and multiple bank accounts to launder money, with one account receiving more than 50 transfers per day. Authorities did not release the names of the banks involved.

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

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