Police arrest 13 over HK$1.4 billion money-laundering - News Summed Up

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Police arrest 13 over HK$1.4 billion money-laundering


Police said on Friday that 13 people were arrested between September last year and May this year for their alleged roles in laundering more than HK$1.4 billion. The arrestees include three core members of the crime syndicate, while the other 10 were arrested on suspicion of lending their bank accounts for money laundering. A police spokesperson said part of the criminal proceedings were swindled from victims in 17 alleged scams, including eight phishing email scams and two investment scams. The force said the syndicate offered payments to the suspects to set up shell corporations or stooge bank accounts and borrowed them to handle the criminal proceedings. Committing money laundering offenses carries a maximum penalty of 14 years imprisonment and a fine of HK$5 million.


Source: The Standard August 05, 2022 13:55 UTC



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