Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Thursday, Feb 02, 2023

Two held in $3.5b laundering scam

Two held in $3.5b laundering scam

Two men have been arrested in connection with the SAR's biggest money laundering case involving more than eight tonnes of gold and palladium worth HK$3.5 billion.
In an operation codenamed Alchemist last week, Customs officers raided three homes, two secretariat firms, a precious metal firm and a local foreign exchange shop and picked up the two, aged 30 and 48.

Around HK$248,000 in their bank accounts were frozen.

They are alleged to have sold precious metals and transferred the funds to mainland companies or offshore shell accounts, said Rita Li Yim-ping, head of the syndicate crimes investigation bureau.

Li said there was no evidence to prove the two had partners, but they did trade with the one precious metal trade firm. "We do suspect there is a syndicate behind controlling them."

The two, out on bail, were holders or authorized signatories of three company bank accounts, and drew attention due to the large sums that they transferred to more than 100 accounts in Hong Kong, the mainland and overseas since 2020.

The 48-year-old, a technician who earns about HK$20,000 a month and lives in a Kwai Chung public flat, set up a electronic device trading firm in 2021 and opened two bank accounts in July.

He then received HK$1.7 billion of suspicious funds in 240 transactions in the following four months, with the largest single transaction being HK$28 million.

Over half of the funds came from a precious metal trading company,.

The 30-year-old, a worker making HK$10,000 a month and living in Ma On Shan, is the authorized signatory for a bank account of a trading company set up in 2019.

He received HK$1.2 billion in about 300 transactions from January to August 2020.

"Investigations found over 60 percent of the remittances were from some jewelry and precious metal trading companies, many of these had just been founded by then," financial investigations group chief Yeung Yuk-man said.

"The two suspects' claimed occupations do not involve the precious metal trade, but they handled large remittances related to it and constantly withdrew precious metals from a trading company," he said.
Newsletter

Related Articles

Hong Kong News
Close
0:00
0:00
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
Chinese search giant Baidu to launch ChatGPT like AI chatbot.
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
China is opening up for foreign investors.
Tesla reported record profits and record revenues for 2022
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
China relaxes 'red lines' on property sector borrowing in policy pivot
Tesla slashes prices globally by as much as 20 percent
Japan prosecutors indict man for ex-PM Shinzo Abe murder
Vietnam removes two deputy PMs amid anti-corruption campaign
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
China’s recovery could add 1% to Australia’s GDP: JPMorgan 
Saudi Arabia set to overtake India as fastest-growing major economy this year 
China vows to strengthen financial support for enterprises: official
International medical experts speak out against COVID-19 restrictions on China
2 Billion People To Travel In China's "Great Migration" Over Next 40 Days
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
Flight constraints expected to weigh on China travel rebound
Billionaire Jack Ma relinquishes control of Ant Group
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
Teslas now over 40% cheaper in China than US
TikTok CEO Plans to Meet European Union Regulators
UK chaos: Hong Kong emigrants duped by false prospectus
China seeks course correction in US ties but will fight ‘all forms of hegemony’, top diplomat Wang Yi says
China will boost spending in 2023
African traders welcome end of China’s Covid travel curbs
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
Preparations begin for Spring Festival travel rush
Domestic COVID-19 drug effective in trial
HK to see a full recovery, John Lee says in New Year message
Bargain hunters flock to last day of Hong Kong brands and products expo
Hong Kong aims for January 8 reopening of border with mainland China
×