Hong Kong authorities made four arrests in breaking up a transnational money-laundering syndicate that used a local remittance firm and more than 20 shell companies to launder HK$880 million (US$113.5 million) in 11 months, a senior customs official said on Tuesday.
The suspects – three men and a woman – were the director of a Seychelles-registered company in Hong Kong, the director of the Wan Chai-based money transfer outfit, his female general manager and a male employee.
The Post learned one of the suspects was the alleged ringleader of the syndicate, which had been in operation since 2017.
The Wan Chai firm was accused of conspiracy with the offshore company to funnel the funds out of Hong Kong shell company bank accounts between May 2018 and April 2019.
According to investigators, the money was transferred to the bank accounts of overseas companies in Europe and America including those of a casino, a property investment firm and another remittance company.