Massive Money Laundering Bust In Hong Kong
Date
8/27/2023 2:00:26 PM
(MENAFN- CoinXposure)
Hong Kong Police have arrested 458 individuals in 314 money laundering cases involving nearly $60 million.
Approximately $15 million of the total amount was attributed to cash withdrawals and cryptocurrency transactions, according to reports.
A recent report revealed that the victims arrested were involved in varifinancial crimes, including online shopping, job searching, investment, phone calls, and online romance scams.
According to Hong Kong police, some money laundering syndicates duped members of the public into selling their bank accounts for $40 to $200 and then used the funds to launder the proceeds of varischemes.
In eight months, from October 2017 to June 2018, the criminal organization laundered up to $15 million through cash withdrawals and cryptocurrencies , according to the authorities.
The Hong Kong police have also uncovered a proxy account controlled by triad members.
Between January of last year and February of this year, the puppet account reportedly received over $27 million in ill-gotten gains from unlawful wagers.
One of the accounts was used to receive funds from a 40-victim online purchasing scam.
The police have arrested 330 males and 128 females between the ages of 15 and 82.
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Some of those detained were also victims of online dating and job-hunting scams , according to the police.
The victims claimed they mistrusted online personalities and provided them with sensitive information.
Some members of the syndicate in police custody were discovered to have invited some of the arrested individuals with the assurance of assisting them in obtaining bank cash rebates.
They were duped into handing over copies of their identification cards, taking photographs with their mobile phones, and assisting in the opening of private virtual bank accounts for money laundering.
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