Seven people arrested for money laundering worth $1.8 billion in Hong Kong, also linked to India

At least seven persons were detained by Hong Kong customs authorities on Friday in connection with the largest money laundering case, which involves HK$14 billion (US$1.8 billion). Hong Kong-born Chinese expatriates make up a portion of those detained. A portion of this sum is connected to an Indian mobile app scam case. The gang transferred the biggest sum of money connected to a single case using shell corporations and anonymous bank accounts.

According to Suzette Ip Tung-ching, head of the Customs Financial Investigation Bureau, the operation was linked to a mobile app scam in India and two jewellery companies in the country that allegedly embezzled about HK$2.9 billion (US$371 million). of. One account had a daily intake of 100 million Hong Kong dollars (12.8 million US dollars) and more than 50 daily transactions. Law enforcement agencies in Hong Kong, India and elsewhere cooperated in carrying out the operation.

The suspects were allegedly charged with money laundering through transactions involving electronics and jewels, according to Patrika. Among them was a man, 34 years old, who is thought to be the principal conspirator. The arrests also included his father, brother, and wife. He was charged, along with three other Hong Kong citizens, with creating numerous shell corporations and fictitious bank accounts to trade in jewellery, gems, and electronics.

Authorities discovered that two jewellery companies had contributed some of the money after exchanging intelligence with Indian authorities. They were connected to the scam, according to what Indian officials had said about them. Electronic equipment, paperwork, and over 8,000 carats of alleged synthetic gems—all of which were intended for export to India—have been taken by the authorities.