Authorities in Hong Kong say they’ve cracked a massive, global money laundering operation that used the traditional banking system to wash approximately $1.8 billion.

Seven people are now under arrest, accused of running a “large-scale transnational syndicate” powered by shell companies with fraudulent bank accounts, reports the Associated Press.

The group’s phony businesses claimed to be involved in international trade, and investigators say one bank account in Hong Kong received $12.8 million from overseas in just one day.

Although the investigation is ongoing, about 20% of the money in question is believed to be connected to an unnamed mobile app scam in India.

The head of Hong Kong’s customs financial investigation bureau says officers “exchanged intelligence with Indian authorities and found some of the money came from two jewelry companies that Indian authorities said were connected to the scam.”

The seven people under arrest are all Hong Kong residents, ranging from 23 to 74 years old.

The accused mastermind, who is reportedly 34 years-old, was arrested in late January.

Authorities say the money laundering case is a record breaker for Hong Kong.

The territory’s second-largest money laundering case was cracked in January of 2023 and involved $767 million in illicit funds.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post $1,800,000,000 Funneled Through Fraudulent Bank Accounts in Massive Money Laundering Operation: Report appeared first on The Daily Hodl.

Authorities in Hong Kong say they’ve cracked a massive, global money laundering operation that used the traditional banking system to wash approximately $1.8 billion.

Seven people are now under arrest, accused of running a “large-scale transnational syndicate” powered by shell companies with fraudulent bank accounts, reports the Associated Press.

The group’s phony businesses claimed to be involved in international trade, and investigators say one bank account in Hong Kong received $12.8 million from overseas in just one day.

Although the investigation is ongoing, about 20% of the money in question is believed to be connected to an unnamed mobile app scam in India.

The head of Hong Kong’s customs financial investigation bureau says officers “exchanged intelligence with Indian authorities and found some of the money came from two jewelry companies that Indian authorities said were connected to the scam.”

The seven people under arrest are all Hong Kong residents, ranging from 23 to 74 years old.

The accused mastermind, who is reportedly 34 years-old, was arrested in late January.

Authorities say the money laundering case is a record breaker for Hong Kong.

The territory’s second-largest money laundering case was cracked in January of 2023 and involved $767 million in illicit funds.

Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post $1,800,000,000 Funneled Through Fraudulent Bank Accounts in Massive Money Laundering Operation: Report appeared first on The Daily Hodl.