Hong Kong police dismantle money laundering network involving nearly HK$600 million: 147 arrested, operations linked to extensive use of "mule accounts"

Odaily News – Hong Kong police conducted a two-phase citywide operation from August 7 to 8, raiding multiple locations, dismantling a mule account coordination and fund processing center, and seizing a large number of bank cards, cash, electronic devices, and other evidence. A total of 147 people were arrested, bringing down a criminal network that used a large number of "mule accounts" to transfer funds, involving an amount close to HK$600 million. Police investigations revealed that the syndicate recruited individuals to provide bank accounts and used multiple accounts to split funds, conduct frequent transfers, and move money through multiple layers in an attempt to conceal the source of funds. Some account holders, after receiving payments ranging from hundreds to thousands of Hong Kong dollars, handed over their online banking login credentials to others for control.

Police noted that the masterminds behind the scheme adopted a "segmented" management model, relaying instructions through close associates to avoid direct contact with the funds, and arranged for processed funds to be transferred into accounts of affiliated individuals to further obscure the flow of money. The operation led to the arrest of 147 individuals and the seizure of approximately HK$3.65 million in cash, along with luxury watches, gold ornaments, vehicles, and other valuables totaling around HK$5 million. Police stated that they have successfully disrupted the related fund chains and will continue to trace the masterminds and the flow of funds.

The police remind the public not to sell, rent, or lend out personal bank accounts, as they could be exploited by criminals for illicit fund transfers, and account holders may bear corresponding legal liability. (RTHK)