Xiao Rui, son of former Wuhan Supervisory Commission member Xiao Jun, has been sentenced to 6 years and 9 months in prison by Hong Kong’s District Court after being convicted on four counts of money laundering and one count of using a copy of a false instrument, according to a Caixin report cited by PANews. The case centered on more than HK$64 million allegedly laundered through underground banking channels, along with false materials used to obtain Hong Kong residency.
The court handed down its ruling on July 23. Xiao Rui, 37, argued that the funds involved came from his mother’s legitimate business earnings and from his own bitcoin sales. The judge rejected that account, saying Xiao could not have been unaware of the asset threshold when he applied under Hong Kong’s Capital Investment Entrant Scheme.
Under questioning from prosecutors, Xiao admitted that his mother had long worked as a nurse and in clerical roles at a hospital. His explanation that bitcoin sales generated part of the funds was also dismissed by the court because no transaction records were presented.
Xiao Rui, the son of former Wuhan Supervisory Commission member Xiao Jun, laundered more than HK$64 million through underground banking channels and also used false materials to obtain Hong Kong residency, according to a Caixin report cited by PANews.
On July 23, Hong Kong’s District Court sentenced the 37-year-old to 6 years and 9 months in prison after finding him guilty on four counts of money laundering and one count of using a copy of a false instrument.
Court rejects explanation tied to family income and bitcoin sales
Xiao Rui argued that the funds came from his mother’s legitimate business income and from proceeds generated by his own bitcoin sales. The judge rejected that explanation, saying Xiao could not have been unaware of the multimillion-asset threshold when he went to Hong Kong to apply under the Capital Investment Entrant Scheme.
During questioning by prosecutors, Xiao admitted that his mother had long worked as a nurse and in clerical positions at a hospital. The court also refused to accept his claim that bitcoin sales produced income because no trading records were provided.
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