Hong Kong customs arrests seven for laundering US$1.8bil

Goods seized as evidence during the operation are displayed by Hong Kong customs during a press conference on a money laundering case in Hong Kong, on Feb 16, 2024. - AP

HONG KONG: Hong Kong customs officials have arrested seven people suspected of being involved in a syndicate that allegedly laundered HK$14 billion (US$1.8 billion) using shell companies and “stooge” bank accounts, in the largest-ever money laundering case in the financial hub.

Codenamed “Daybreak”, the operation was linked to a mobile app scam in India and two jewellery companies, the Customs and Excise Department revealed at a press conference on Friday (Feb 16).