According to a South China Morning Post report, Hong Kong customs officers have apprehended three individuals in connection with a massive HK$1.8 billion ($228 million) money-laundering operation that exploited a crypto platform and bank accounts associated with shell companies.
The arrests were made following an investigation into suspicious activities involving “abnormally frequent” and large transactions in bank accounts lacking tax records, import and export declarations, and physical addresses.
Suspects Allegedly Used Tether
During the probe, it was discovered that one of the accounts involved received significant daily deposits of up to HK$39 million ($4.9 million) and facilitated 167 transactions.
Further examination revealed that two suspects allegedly handled HK$760 million, equivalent to 40% of the total funds, through a cryptocurrency platform, specifically Tether.
Florence Yeung Yee-tak, commander of the Financial Investigation Division of the Customs D
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