Hong Kong police arrested 147 people and dismantled a money laundering network that used mule accounts to move nearly HK$600 million, the force said. The two-day operation on August 7-8 targeted a center that coordinated mule accounts and processed funds. Officers raided multiple locations and seized bank cards, cash, and electronic devices. The investigation showed the syndicate recruited individuals to supply bank accounts, then used those accounts to split funds, make frequent transfers, and layer transactions to hide the source of money. Some account holders were paid hundreds to thousands of Hong Kong dollars for handing over their online banking credentials. Police described a "segmented" management model in which the alleged masterminds issued orders through close associates and avoided direct contact with the funds. Processed money was moved into accounts of related persons to further obscure the trail. The operation also recovered about HK$3.65 million in cash and property including luxury watches, gold jewelry, and vehicles worth about HK$5 million. Police said the funding chain has been severed and they are tracing the people behind the scheme and the flow of funds. They urged the public not to sell, rent, or lend personal bank accounts, warning that doing so could be used for illegal transfers and lead to legal liability.
Hong Kong police have arrested 147 people in connection with a money laundering network that pushed nearly HK$600 million through a web of mule accounts, according to the force. Over two days on August 7-8, officers carried out a citywide operation that took down a coordination hub for mule accounts and a fund processing center. They also seized bank cards, cash, and electronic devices during raids at multiple locations.
The investigation revealed how the syndicate operated. It recruited individuals to open bank accounts, then used those accounts to break up funds, make frequent transfers, and move money through multiple layers in an effort to disguise its origin. Some account holders received hundreds to thousands of Hong Kong dollars for handing over their online banking login details, police said. The alleged masterminds used a "segmented" management structure, passing instructions through trusted intermediaries and keeping themselves away from direct contact with the money. Processed funds were then transferred to accounts linked to associates, making it harder to follow the money trail.
Police also recovered about HK$3.65 million in cash during the operation, along with luxury watches, gold jewelry, and vehicles with a combined value of about HK$5 million. They said the funding chain had been cut and investigations would continue into the people behind the network and the destination of the funds. Police reminded the public not to sell, rent, or lend personal bank accounts, warning that these could be exploited for illegal money transfers and lead to legal liability.
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