Odaily Planet Daily News Hong Kong police arrested five men in an operation against a criminal group that used tens of thousands of prepaid cards to launder 105 million Hong Kong dollars ($13.4 million). The five men arrested, aged between 42 and 59, are suspected of conspiracy to launder money and are suspected of being associated with eight local companies that use prepaid cards and Apple iTunes cards in Hong Kong.
The police said the one-time prepaid card has a limit of HK$8,000 and is designed to prevent anonymous money laundering activities. Between September 2021 and August 2023, two wine trading companies purchased more than 40,000 prepaid cards worth more than HK$20 million. These prepaid cards were used to purchase apples of equal value in major supermarkets and convenience stores in Hong Kong. iTunes card.
Four other companies were also involved in what police called a "U-shaped" money laundering operation, laundering money through suspected illegal currency exchangers who received large amounts of unexplained cash from Japan over the past three years, which were subsequently used by Hong Kong's air force. The shell company launders it and transfers the funds to prepaid cards, which are then shipped back to Japan.
The five suspects arrested have been released on bail pending trial. Police said more arrests were possible. (South China Morning Post)