A sophisticated money-laundering operation in Hong Kong has been dismantled, and the suspected criminal proceeds which were worth HK$1.5 billion ($192 million) have been seized by authorities. The syndicate was said to have channeled the illegal funds through cryptocurrency transactions together with the help of more than a whopping 200 bank accounts, according to reliable sources.
Arrests and Key Suspects
The four people who were caught included a man, his father, and a close female relative, for their part in setting up three little-known companies, that were part of the money-laundering damage as company secretaries. The suspects were responsible for running the syndicate, which used almost four dozen bank accounts belonging to six shell companies in the laundering of funds sourced from South Korea.
Complex Operations and Transaction Details
During the year when the said period bared its face, the accounts registered no less than 2,000 transactions. Via the director Poon Yip-kan of the Bureau of financial investigation of the customs, mentioned that the illegal funds were immediately transferred through the shell company accounts and catered to 180 third-party bank accounts to obscure the origin.
Role of Accomplices
One of the culprits discovered was a taxi driver who used to earn up to $9,000 by laundering $38.4 million through the overseas crypto platform. The report did not indicate which platforms were used for these transactions.
Financial Seizures and Ongoing Investigations
They have recently found to arrest $280,000 in accounts which have been corresponded with this case. Nevertheless, the precise amount of the seized funds is still unknown. The accused have been set free on bail till the next thirst to figure out the truth. Investigators also mention that other people may likewise be persecuted as they proceed in searching for illicit fund meandering.
