Hong Kong police dismantle nearly HK$600 million money laundering network: 147 people have been arrested, involved in the operation of a large number of “puppet accounts”

According to comparative news, the Hong Kong police launched a two-phase Hong Kong operation from August 7 to 8. They successively searched several locations, busted puppet account coordination and fund processing centers, and seized a large amount of evidence such as bank cards, cash, and electronic devices. It arrested 147 people and disrupted a criminal network that used a large number of “puppet accounts” to transfer funds. The amount involved was close to HK$600 million. The police investigation revealed that the gang involved in the case attempted to conceal the source of funds by soliciting bank accounts from others and using multiple accounts to split funds, make frequent transfers, and hierarchical transfers. Some account holders leave their online banking login data under the control of others after receiving a reward of hundreds to thousands of HKD.

The police pointed out that the subject involved in the case adopted a “fault” management model, passed instructions through close friends, avoided direct contact with relevant funds, and arranged for the processed funds to be transferred to the accounts of related parties to further conceal the flow of funds. The operation arrested a total of 147 people and seized about HK$3.65 million in cash, as well as property such as watches, jewellery, vehicles, etc., with a total value of about HK$5 million. The police said they have successfully cut off the relevant funding chain and will continue to track down the personnel behind the scenes and the flow of funds.

The police reminded the public not to sell, rent or lend personal bank accounts; otherwise, they may be used by criminals to transfer funds illegally, and bear relevant legal responsibilities. (RTHK)

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