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The Hong Kong police have cracked a money laundering case involving the use of puppet accounts and virtual currency exchange shops, successfully laundering approximately HKD 17.3 million in criminal proceeds
According to Hong Kong media Hong Kong 01, the Hong Kong police have cracked a money laundering case involving the use of puppet accounts and virtual currency exchange shops. It is reported that two mainland Chinese individuals opened puppet accounts in Hong Kong, using 43 local bank accounts to receive 34 sums of money from different fraud cases, and purchased cryptocurrency at virtual asset exchange shops, laundering approximately HKD 17.3 million in criminal proceeds.
Analysis of the fund flow shows that the criminal group conducted cryptocurrency transactions through local bank accounts, laundering as much as HKD 230 million. The Hong Kong police charged the two individuals with 3 and 10 counts of money laundering respectively. After reviewing the case, the court approved heavier sentences of 28 months and 43 months in prison for the two.
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