Chitchat Please Guess??? HK Police caught Money Launders for washing HKD14BIL!

[Pinkieslut]

Hong Kong customs arrests 7 linked to syndicate that laundered record-breaking HK$14 billion using ‘stooge’ bank accounts, shell companies​

• Syndicate linked to mobile app scam and two jewellery companies in India, according to customs
• Among those arrested is a 34-year-old man believed to be the mastermind of the operation

Crime in Hong Kong

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Published: 1:53pm, 16 Feb, 2024
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Hong Kong customs has arrested seven people in connection with a money-laundering syndicate that handled HK$14 billion (US$1.8 billion) using “stooge” bank accounts and shell companies, the largest amount linked to a single case recorded in the city.
The operation was linked to a mobile app scam in India and two jewellery companies in the country, which allegedly handled about HK$2.9 billion of the funds, the Customs and Excise Department revealed on Friday.
The department said the suspects were accused of laundering the cash through transactions involving gemstones and electronics, with the group including a 34-year-old man believed to be the mastermind.

Customs displays goods such as electronics which were seized during the city’s largest money-laundering case. Photo: Dickson Lee
His wife, brother and father were also arrested, as well as three other Hong Kong residents accused of setting up a large number of shell companies and stooge bank accounts to trade electronics, gemstones and jewellery.

“These bank accounts were used for receiving multiple local and overseas transactions before conducting complicated and frequent trades with multiple layers of laundering,” said Suzette Ip Tung-ching, the head of customs’ financial investigation bureau.

​

According to police, stooge account holders are those who loan or sell their bank accounts to syndicates to collect scammed money and launder crime proceeds in exchange for hundreds or thousands of dollars.

Ip added that authorities had spotted a significant discrepancy between the bank transactions valued at billions involving companies registered under their names, and import and export declarations of about HK$90 million.
She described the amounts laundered as “astonishing” with one of the accounts receiving as much as HK$100 million a day and carrying out as many as 50 daily transactions.

 

[ChinaCommunistSG]

Must be Americans

 

[50000]

The operation was linked to a mobile app scam in India and two jewellery companies in the country, which allegedly handled about HK$2.9 billion of the funds, the Customs and Excise Department revealed on Friday.
The department said the suspects were accused of laundering the cash through transactions involving gemstones and electronics, with the group including a 34-year-old man believed to be the mastermind.

when is SPF/CAD going to investigate the rows and rows of goldsmiths at Serangoon? The CECAs are laundering just as much as the Fookien gang

 

[k1976]

Must be Americans

Bengals?

 

[k1976]

when is SPF/CAD going to investigate the rows and rows of goldsmiths at Serangoon? The CECAs are laundering just as much as the Fookien gang

They are the guru, Fukien is ameuters

 

[Rogue Trader]

They are the guru, Fukien is ameuters

Indian $$ laundering international networks are indeed well known. Had a friend who exported stuff to India and was instructed to collect SGD payment from a shop in Little India.

But in terms of quantum, the Chinese are the champion. The 爆发富 have been moving their billions out of mainland since Winnie's reign

 

[laksaboy]

Should have thought of this day when Hong Kong returned to the shitty mainland in 1997.

 

[k1976]

Should have thought of this day when Hong Kong returned to the shitty mainland in 1997.

Dirty money running wild

 

[GaoFar]

Guess the nationality.
啊星?

 

[ChinaCommunistSG]

Guess the nationality.
啊星?

Myanmar syndicates operated by China
Similar India syndicates may not be operated by ceca

 

[k1976]

 

[Pinkieslut]

Myanmar syndicates operated by China
Similar India syndicates may not be operated by ceca

Do you know many of the tourist trinkets shops and convenience stores in Europe, UK and Australia are run by CECAs with the purpose of money laundering?

Similarly many of the Pinoy money transfers shops in Lucky Plaza are also involved in such activities.

 

[superpower]

India has been the money laundering capital of the world for decades. The Chinese are the Johnnies come lately, though they're learning fast and catching up with the Indians.

---

https://economictimes.indiatimes.co...mond-trade/articleshow/106388354.cms?from=mdr

India, Hong Kong bust money laundering racket via diamond trade

The customs departments of India and Hong Kong have jointly busted a money-laundering network, where foreign currency was remitted out of India against import of cheap synthetic diamonds, the finance ministry said on Friday.

The racket involved Indian traders who were importing synthetic diamonds from Hong Kong by wrongly declaring them as real ones, it said. The two authorities have arrested four people each.

Earlier this year, the Directorate of Revenue Intelligence (DRI) detected a case where cheap synthetic diamonds were imported into India by overvaluing them more than 100 times, to remit foreign currency out of India. During the investigation, it was also found that the importing entity was exporting jewellery studded with diamonds at a very inflated value to Hong Kong and a few other countries, the ministry said.

"Interestingly, while most of the declared inflated value of the imports was remitted out of the country through banking channels, the remittances received for the exports was seen to be only marginal at around 0.2%, indicating that this trade has been a cover to launder money outside," the statement said.
The investigation also indicated that the inflow of money into the importer's bank account was facilitated through bank transactions by various dummy firms in India while transfer was from a single bank account to overseas suppliers in Hong Kong.

The mastermind of this trade-based money laundering was based in Hong Kong, it said. While India's customs department arrested four people in India and issued show-cause notice over the seized goods, Hong Kong-based entities refused to respond and present themselves in front of Indian authorities, the ministry said.

The DRI, under the bilateral international cooperation tools, reached out to Hong Kong customs to inquire into the existence of the suspected Hong Kong-based firms, the minist ..

Read more at:
https://economictimes.indiatimes.co...ofinterest&utm_medium=text&utm_campaign=cppst

 

[blackmondy]

I though HK police caught money laundering....won't be surprised though.

 

[superpower]

https://www.reuters.com/world/india...linked-indian-oppositions-gandhis-2023-11-21/

Property seized in money laundering probe linked to Indian opposition's Gandhis​

Reuters
November 21, 202310:48 PM GMT+8Updated 3 months ago

NEW DELHI, Nov 21 (Reuters) - India's money laundering investigators on Tuesday said they seized properties worth 7.52 billion Indian rupees ($90.34 million) in a probe linked to a nine-year-old complaint against opposition Congress party leader Rahul Gandhi and his mother Sonia.

The complaint, lodged by a member of parliament from Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) in 2014, accused the Gandhis of forming a shell company and illegally gaining control of property worth $300 million.

The property belonged to a firm that published the National Herald newspaper, founded in 1937 by India's first prime minister and Rahul Gandhi's great grandfather Jawaharlal Nehru.

The seized assets include properties spread across Indian cities including New Delhi and Mumbai as well as investments in equity shares, the Enforcement Directorate said in a statement.

The Congress party, however, termed the move "petty vendetta tactics".

"This is a prefabricated structure of deceit, lies and falsehood, of by and for the BJP, to divert, distract and digress in the middle of elections," Congress spokesperson Abhishek Singhvi said in a statement referring to the ruling Bharatiya Janata Party (BJP).
Five Indian states are voting to elect new legislatures this month. The regional polls are key, coming ahead of national elections due next year.

($1 = 83.2440 Indian rupees)

 

[cockie]

when is SPF/CAD going to investigate the rows and rows of goldsmiths at Serangoon? The CECAs are laundering just as much as the Fookien gang

CECA?????