Hong Kong customs officers have arrested 3 individuals in connection with a HK$1.8 billion money-laundering scheme involving a cryptocurrency platform and bank accounts of shell companies. The suspects, a 42-year-old woman and two men aged 48 and 60 are accused of leading a complex scheme involving several shell companies and cryptocurrency platforms.
Customs officials uncovered abnormally large transactions in bank accounts linked to shell companies lacking tax records or physical addresses. These accounts, handling up to HK$39 million daily, raised suspicions, leading to a comprehensive investigation.
The suspects reportedly established five companies and 18 local bank accounts between June 2021 and July 2022, facilitating over 1,000 suspicious transactions. The operation involved transferring funds from unknown sources through multiple entities, complicating the money trail.
Florence Yeung Yee-tak, commander of the customs’ financial investigation division, highlighted the challenges in probing cryptocurrency-related money laundering due to its jurisdictional flexibility. Despite these hurdles, customs acted on intelligence, conducting thorough capital flow analysis and financial investigations to curb the crime.
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