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A 46-year-old foreign man and a 59-year-old local man were convicted of money laundering and jailed for six years and six month and 2 years respectively at the District Court today (August 8).
The court heard that between March and May 2010, a number of overseas victims were lured to transfer a total of US$ 2.5 million and 2.1 million euro into a Hong Kong bank account for investing in the Hong Kong stock market. The victims subsequently found the purported investments did not exist.
Commercial Crime Bureau recevied a report in October 2011. In-depth investigation revealed that the two defendants had respectively dealt with HK$41 million and HK$1.1 million suspected crime proceeds in the aforesaid bank account. The duo were arrested and were each charged with one count of money laundering in early this year. They were convicted and the sentenced was handed down today.
Police reiterate that money laundering is a serious offence with a maximum imprisonment sentence of 14 years. Police appeal to members of the public that dealing with money that does not belong to them is a dangerous act and may draw them into committing the money laundering offence.
Police report no. 571
Ends/Thursday, August 8, 2013
Issued at HKT 22:06
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