Hong Kong police dismantled a money laundering network involving nearly HKD 600 million: 147 arrested, operating through a large number of "mule accounts"

Odaily News: Hong Kong police conducted a two-phase territory-wide operation from August 7 to 8, raiding multiple locations, dismantling a mule account coordination and fund processing center. They seized a large number of bank cards, cash, electronic devices, and other evidence, arrested 147 individuals, and broke up a criminal network that used numerous "mule accounts" to transfer funds, with the amount involved reaching nearly HKD 600 million. Police investigations revealed that the syndicate recruited individuals to provide bank accounts, using multiple accounts to split funds, conduct frequent transfers, and move money through multiple layers in an attempt to disguise 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 pointed out that the masterminds employed a "segmented" management model, issuing instructions through trusted associates to avoid direct contact with the funds, and arranged for processed funds to be transferred into accounts of related individuals to further conceal the flow of money. A total of 147 people were arrested in this operation, and approximately HKD 3.65 million in cash was seized, along with luxury watches, gold jewelry, vehicles, and other assets with a total value of around HKD 5 million. Police stated that they have successfully cut off the relevant fund chains and will continue to trace the behind-the-scenes masterminds and financial flows.

Police reminded citizens not to sell, rent, or lend their personal bank accounts, as they could be exploited by criminals for illegal fund transfers and face related legal liabilities. (RTHK)