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A 44-year-old man was convicted of money laundering and jailed for four years and six months at the District Court today (February 21).
The court heard that overseas victims were lured to remit about $26 million to two Hong Kong bank accounts purportedly for investment in company stocks between September 2010 and February 2012. Victims later suspected it was a scam and reported the case.
Investigation by Commercial Crime Bureau officers revealed that the defendant had used the accounts to deal with about $26 million suspected crime proceeds. Police arrested the defendant in March last year and charged him with two counts of money laundering subsequently. He was convicted after trial and was sentenced today.
Police reiterate that money laundering is a serious offence. The maximum penalty is imprisonment of 14 years. Police are determined to take enforcement actions against commercial crime in maintaining a safe business environment in Hong Kong.
Police Report No. 337
Ends/Friday, February 21, 2014
Issued at HKT 18:50
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