Criminal syndicate used shell company to operate dozens of bank accounts and launder more than HK$380 million, Hong Kong police say

Hong Kong police have arrested 14 people in a crackdown on a money-laundering syndicate that used 60 local bank accounts to wash more than HK$380 million (US$48.77 million) in illegal proceeds over 18 months.The amount included HK$25 million connected to at least 50 fraud cases reported in the city and abroad, Chief Inspector Tang Hoi-tung of the financial intelligence and investigation bureau said on Tuesday. Officers were still investigating the sources of the remaining HK$355 million, she…

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