Hong Kong, Indian customs arrest 8 in joint crackdown on syndicate that laundered HK$500 million in bogus diamond trading scheme

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.