Eight Arrested For Allegedly Laundering HK$10m

The police on Saturday said they have arrested eight people on suspicion of money laundering in connection with thirty scams.

The force said the arrestees – aged between 29 and 73 – include five low-income people allegedly recruited to open so called "stooge" or fake accounts, and three suspected core members of a syndicate.

Tai Cheuk-yin, acting chief inspector in the Financial Intelligence and Investigation Bureau, said a syndicate allegedly laundered HK$10 million through twelve stooge accounts from September to November last year.

In total, he said the group garnered HK$65 million from alleged online scams targeting investment, dating and shopping.

He said the police found that the eight suspects had a further 38 bank accounts, into which HK$91 million had been paid over the past five years. Tai said he believed that was income from money laundering.

During a search of the residence of the suspected syndicate members, he said officers had also found 25 counterfeit HK$500 notes, and seized an inkjet printer, a computer, glitter pens and cutters.

"The quality of the banknotes is quite poor," he said, noting that the bills lacked the special security signs found on genuine banknotes.

Tai said investigators could not rule out further arrests.

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