Two arrested in Hong Kong over HK$1.8 billion money laundering gang linked to phone scams

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Police yesterday arrested two Hongkongers in a crackdown on a HK$1.8 billion money laundering gang with a suspected connection to a regional phone scam ring.

The operation came after an unprecedented joint operation involving police from the mainland, Taiwan and the city last month when two overseas-based syndicates operating phone scams were busted, with 431 mainlanders or Taiwanese arrested.

A 37-year-old woman, who operated a money exchange in Central, and a 43-year-old man who worked for her, allegedly laundered HK$1.8 billion in two months with the money exchange and seven local bank accounts opened in the name of a shell company.