Hong Kong man arrested on suspicion of laundering HK$16 million after customs detects 11,000 transactions through 6 bank accounts

“The funds were then transferred to a third-party account on the same day after accumulating into a larger amount.”

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He also revealed that one of the suspect’s bank accounts handled more than 180 transactions in a single day.

Chiang said the tactic was designed to evade detection by the banking industry and to conceal the illegal funds.

Customs officers launched an investigation into the suspect’s finances after arresting him in connection with a seaborne drug trafficking case in August last year involving narcotics worth HK$200 million.

Officers from the bureau then discovered that the man’s six personal bank accounts were involved in a large number of suspicious transactions.

“The investigation showed that his bank accounts handled HK$16 million in suspected crime proceeds [between February 2022 and June 2023],” Chiang said, adding that he believed the illegal funds were derived from criminal activities.

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The inspector said the suspect was a delivery van driver and did not own any property.

“A large amount of money processed by the man’s bank accounts was incommensurate with his financial status,” he said.

Customs officers on Wednesday arrested the man in Chai Wan. He was detained on suspicion of money laundering – an offence punishable by up to 14 years in jail and a HK$5 million fine.

The suspect was released on bail pending further investigation.

During the operation, officers seized two mobile phones and related bank accounts.

Chiang said the investigation into the origins of the money, the final destination of the illegal funds and the types of illegal activities that had generated the income was still under way, adding that further arrests were possible.