Hong Kong and Indian authorities have arrested eight people in an unprecedented joint operation to crack down on a criminal syndicate that fabricated cross-border diamond trading to launder HK$500 million (US$64 million) in alleged crime proceeds via the city, a senior customs official has revealed.
Superintendent Ben Yeung Yuk-man of customs’ financial investigation bureau on Thursday said the case was the first time such a trade-based money-laundering scheme had been discovered in the city.
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