According to Sing Tao Daily, Foresight News reports that Hong Kong Customs today cracked a money laundering case involving smuggled cash and virtual assets, with an amount of approximately 1.15 billion yuan, and arrested a local male and a non-local male.
Hong Kong Customs personnel identified a 37-year-old local male and a 50-year-old non-local male and conducted a wealth investigation, discovering that they smuggled cash out of the country and frequently and rapidly traded large amounts of stablecoins and legal tender with funds of unknown origin, which was highly inconsistent with their background and financial status, suspected of money laundering activities. During the operation, customs officers seized a batch of suspected items, including mobile phones, tablets, and bank cards. The case is still under investigation, and the two arrested individuals are currently out on bail, with the possibility of more arrests not ruled out.
