Hong Kong authorities arrest seven in $1.8 bln money laundering case

The scheme allegedly involved online scams in India and the sale of electronics, rare gems including diamonds, among other goods, authorities said. The scheme allegedly used shell companies and multiple bank accounts to launder money, with one account receiving more than 50 deposits in one day.

Hong Kong authorities said on Friday they had arrested seven people suspected of being involved in a $1.8 billion money laundering case, the largest ever in the financial hub. The seven comprised five men and two women aged 23-74, one of who is believed to be the mastermind of the scheme, customs authorities said.

They did not reveal the nationalities but said all seven were Hong Kong residents. Authorities seized HK$165 million ($21.10 million) worth of assets, including five properties and three commercial units, as part of the operation.

Yeung Yuk Man from the customs department said the agency contacted a number of law enforcement authorities in the region to share its intelligence, including India. The scheme allegedly involved online scams in India and the sale of electronics, rare gems including diamonds, among other goods, authorities said.

The scheme allegedly used shell companies and multiple bank accounts to launder money, with one account receiving more than 50 deposits in one day. Authorities did not name the banks. The seven were all released on bail while investigations continue and authorities did not rule out the prospect of further arrests.

($1 = 7.8217 Hong Kong dollars) (Reporting By Dorothy Kam; Writing by Anne Marie Roantree; Editing by Sam Holmes)

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