Hong Kong busts biggest gold smuggling case ever

A 45.3 kg gold block was confiscated.

At a press conference on April 8, Hong Kong Customs announced that it had broken up a gold smuggling case by air from Japan, with blocks of pure gold being cast into air compressor parts, such as motor cores, screws, etc.

A total of 146 kg of gold was found in a shipment described as two air compressors imported from Japan, worth an estimated HK$84 million (over VND267.7 billion), the South China Morning Post reported.

Hong Kong is one of the world's largest gold trading centers. Gold prices have recently hit new records due to investor speculation amid geopolitical uncertainty and rising inflation.

Pure gold is counterfeited into machine parts.

Gold smuggling cases in Hong Kong are often detected at customs stations along the border between the special administrative region and mainland China.

This time, the gold was smuggled by air. Hong Kong Customs arrested a 31-year-old male suspect, believed to be the director of the importing company. He was released on bail while the investigation is underway.

Hong Kong law provides for a maximum sentence of seven years in prison and a maximum fine of HK$2 million.

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