Divisional Commander of the Customs and Excise Department’s Syndicate Crimes Investigation Bureau Wong Ching-fu and Investigator of the Financial Investigation Division 1 of Syndicate Crimes Investigation Bureau Yuen Oi-ping (not in photograph) hold a press briefing at the headquarters of Hong Kong Customs and Excise Department on May 9, 2023. (CALVIN NG / CHINA DAILY)

Hong Kong Customs and Excise officers have dismantled a HK$3.5-billion ($448-million) money-laundering syndicate and arrested eight people, including a 38-year-old core member.

Four men and four women, aged between 24 and 68, were detained in the operation code-named “Vortex” on April 26 and May 3. They were suspected to have made profits of thousands to tens of thousands of dollars each from the illicit business. The authorities have also frozen about HK$2.7 million in bank deposits belonging to the syndicate, which was believed to have been in operation for two years.

The ring’s key member, who recruited four Hong Kong residents, including his wife, is alleged to have opened a large number of companies and corporate bank accounts to deal in the suspected illegal proceeds.

Divisional commander of the Customs and Excise Department’s Syndicate Crimes Investigation Bureau said the suspects are alleged to have handled a large amount of money of unknown origin from May 2021 to October last year, involving more than 2,000 transactions with a total value of more than HK$3.5 billion

Wong Ching-fu — divisional commander of the Customs and Excise Department’s Syndicate Crimes Investigation Bureau — said the suspects are alleged to have handled a large amount of money of unknown origin from May 2021 to October last year, involving more than 2,000 transactions with a total value of more than HK$3.5 billion.

All the suspects have been freed on bail, with further arrests expected to be made.

ALSO READ: Joshua Wong jailed for three months over information breach

Customs officers said the suspects are low-income individuals, and their backgrounds are extremely disproportionate to the sizable financial transactions made through their bank accounts. Two of them were unemployed, while the others were restaurant workers, food promoters and a storekeeper, who earned between HK$10,000 and HK$29,000 a month.

The illegal business was carried out mainly by Hong Kong and overseas virtual currency companies, as well as local and shell companies abroad.

Wong said money laundering is a very serious criminal offense, with offenders facing a maximum fine of HK$5 million and 14 years’ imprisonment.

READ MORE: HK murder suspect 'commits suicide' after fleeing to Japan

He urged members of the public to avoid lending their personal bank accounts to other people or companies, or revealing their personal financial data casually. 

Contact the writer at mikegu@chinadailyhk.com