According to ChainCatcher, Hong Kong Customs smashed a money laundering group and arrested four people. They were suspected of using multiple shell companies to collect large amounts of overseas cross-border remittances and laundering 1.5 billion Hong Kong dollars through virtual currency transactions. All of them are currently on bail pending investigation, and about 2.2 million assets in their multiple bank accounts have been frozen.

According to the investigation director of the Organized Crime Investigation Bureau of the Customs, Poon Yek-kin, the four arrested persons involved a family of three and a local man, among whom an Asian father and son were the masterminds of the group. The investigation indicated that they received large amounts of funds of unknown origin from overseas between 2020 and 2022, some of which involved overseas criminal activities. The two set up several shell companies in Hong Kong and transferred the large sums of money obtained in two years to more than 30 accounts in seven banks, with the largest single transfer amount reaching 23 million yuan. Poon Yek-kin said that the group would then split the transactions and transfer the money to 180 third-party accounts, and recruited another arrested 31-year-old local man with a monthly remuneration of 70,000 yuan to handle 300 million yuan of black money through virtual currency.