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Fraud Syndicate crackdown on US$ 22.4 Million - 6 men arrested by HK Police

Zürich-City, July 28th 2023 - In a significant victory against financial fraud, Hong Kong police have apprehended six men in connection with a crime syndicate responsible for laundering HK$175 million (US$22.4 million) of suspected illicit cash over a period of seven months. Swiss Security Solutions LLC, a leading investigation service provider, commends the efforts of the Hong Kong authorities in cracking down on this sophisticated criminal network.

According to Senior Inspector Ng Kwan-lam of the force's financial intelligence and investigation bureau, five of the suspects were involved in operating 33 bank accounts that facilitated the syndicate's money laundering activities between May and November 2022. Each individual was allegedly paid between hundreds of dollars and HK$1,000 to open these bank accounts. However, they were required to hand over critical account details, including passwords and bank cards, to the crime syndicate.

The sixth suspect, a 34-year-old man, is believed to be a core member of the syndicate. He is accused of using the bank accounts to collect money from victims of phone and online scams and subsequently launder the funds.

The investigation uncovered that more than HK$28 million of the illicit funds originated from three online investment scams and 24 phone frauds. In total, the victims of these 27 scams suffered losses amounting to HK$113 million. The syndicate managed to launder HK$28 million of this money through the controlled bank accounts.

One notable victim was an 81-year-old retired man who fell victim to a phone fraud in mid-2022, losing HK$15 million. The victim received a call from someone posing as an officer from a mainland China public security bureau, accusing him of involvement in money laundering. He was coerced into providing his bank account details and password for "investigation purposes." Eventually, the elderly man discovered that HK$15 million had been siphoned from his account through 43 transactions between June and July of the same year. Fortunately, diligent police work enabled them to identify the culprits and make the arrests.

The six local men, aged between 23 and 36, were taken into custody on suspicion of money laundering and conspiracy to launder crime proceeds. The investigation is ongoing, with the possibility of further arrests in the pipeline. The authorities are also actively tracking the flow and final destinations of the laundered funds.

Swiss Security Solutions LLC urges the public to remain vigilant and not to lend or sell their bank accounts to unknown parties for handling funds from dubious sources. People engaging in such activities could face prosecution for money laundering, which carries penalties of up to 14 years in jail and a HK$5 million fine in Hong Kong.

The Anti-Deception Coordination Centre, dedicated to tracking and preventing scams, has successfully safeguarded over HK$11 billion from falling into the hands of criminals since its establishment approximately six years ago.

As a service provider for investigations, Swiss Security Solutions LLC stands firm in its commitment to support law enforcement agencies in their fight against financial crimes. The company emphasizes the importance of cooperation between private and public sectors to ensure a safer financial environment for all.

If you have been a victim of fraud, online fraud, or crypto fraud, we urge you to take immediate action and reach out to us at Swiss Security Solutions LLC. Our dedicated team of experts is here to support and guide you through the process of reporting the incident and seeking resolution.

At Swiss Security Solutions LLC, we understand the emotional and financial toll that these crimes can have on individuals and businesses. Our goal is to provide you with the necessary resources and assistance to help you recover from the impact of these fraudulent activities.

Don't hesitate to contact us if you suspect that you have fallen victim to any form of financial fraud. We are committed to protecting your interests and working tirelessly to combat fraud in all its forms. You can rely on our experience and expertise to navigate through these challenging situations.

Please reach out to us through our helpline +41 44 586 60 33 or visit our website to submit an inquiry. Remember, taking prompt action is crucial in minimizing the damages caused by fraud. Together, we can build a safer and more secure financial landscape.

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