HK Police Arrest 147 in HK$600M Money Laundering Shell Account Crackdown

Hong Kong authorities dismantle a major money laundering syndicate using 'puppet accounts' to process nearly HK$600M. 147 arrests and HK$8.65M in assets seized signal intensified regulatory enforcement against financial crime.

Woofun AI reports that Hong Kong police executed a two-phase operation from August 7 to 8, arresting 147 individuals linked to a money laundering network valued at nearly HK$600 million. Authorities seized approximately HK$3.65 million in cash and HK$5 million in valuables, including vehicles and jewelry, while confiscating bank cards and electronic devices.

The investigation revealed that the syndicate recruited individuals to provide 'puppet accounts,' paying them hundreds to thousands of Hong Kong dollars for online banking credentials. Ringleaders employed a 'layered' management structure, using intermediaries to obscure fund origins and transfer proceeds through multiple accounts. Police stated they have severed the financial chain and will pursue further investigations into behind-the-scenes perpetrators, warning the public against lending or selling personal bank accounts.