[ad_1]
Hong Kong Customs has arrested two men in one of the city’s largest-ever money laundering cases.
The case involved the trading of 8 tonnes of mostly gold and palladium worth about HK$3.5 billion ($446 million) over two years, according to the agency. This is the largest number of customs seizures.
Authorities last week arrested two men, aged 30 and 48, on suspicion of money laundering and house searches, two secretariat companies, a precious metals company and a local foreign exchange store.
The men were suspected of selling the metal and transferring the funds to some mainland Chinese companies or offshore shell accounts, Li Rita, director of the Customs Syndicate Criminal Investigation Bureau, said at a news conference on Wednesday.
Customs found no evidence that the two were acquaintances, but they dealt with the same security company, which could indicate they were a syndicate, Li said.
The suspect has been released on bail while the investigation continues.
“Precious metals are high in value and small in size and are still allowed to be sold anonymously in cities,” Li said.
Just last month, Hong Kong authorities arrested four gang members suspected of laundering HK$411 million over two years.
[ad_2]
Source link