Caixin
May 14, 2022 06:21 AM
FINANCE

Hong Kong Police Smash Money Laundering Ring That Used Virtual Banks

Since the first virtual bank in Hong Kong opened for business in March 2020, more than 500,000 users have opened accounts.
Since the first virtual bank in Hong Kong opened for business in March 2020, more than 500,000 users have opened accounts.

Hong Kong police smashed a criminal group that used virtual banks to launder as much as HK$97 million ($12.4 million), the police said Wednesday.

Police from the East Kowloon regional crime unit arrested 17 people Wednesday and Thursday alleging that they lured people to open virtual bank accounts and lauder money through the accounts, the police said.

Those arrested, ages 26 to 67, claimed they were transport workers, waiters, housewives and jobless people. Some were reportedly members of gangster groups. The laundered money was linked to illegal proceeds from gambling, loan sharking and online shopping scams, the police said.

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