OMS

A shell company was busted by Hong Kong Customs for laundering 1.5 billion Hong Kong dollars in dirty money using virtual currency

ChainCatcher news, Hong Kong Customs has dismantled a money laundering group, arresting 4 individuals who are suspected of using multiple shell companies to receive a large amount of overseas cross-border remittances and laundering 1.5 billion HKD in dirty money through virtual currency transactions. All individuals are currently out on bail pending investigation, and approximately 2.2 million in assets across several of their bank accounts have been frozen.Pan Yeqin, the investigation officer of the Organized Crime and Triad Bureau, stated that the 4 arrested individuals include a family of 3 and a local man, among whom an Asian father and son duo are the masterminds of the group. The investigation indicates that from 2020 to 2022, they received large amounts of unexplained funds from overseas, some of which are linked to foreign criminal activities. The two established multiple shell companies in Hong Kong, transferring the large sums obtained over the two years to more than 30 accounts across 7 banks, with the largest single transfer amounting to 23 million HKD. Pan Yeqin mentioned that the group would then split the transactions, transferring smaller amounts to 180 third-party accounts, and recruited another 31-year-old local man, who was also arrested, with a monthly remuneration of 70,000 HKD to handle 300 million HKD in dirty money through virtual currency.
ChainCatcher Building the Web3 world with innovators