Customs today announced it detected its first case of suspected money laundering using virtual currency involving $1.2 billion and arrested four people.

The department identified a suspected money laundering syndicate at the beginning of this year and raided four residential premises in Wong Chuk Hang, Prince Edward, Tuen Mun and Tin Shui Wai and an office in Mong Kok last Thursday. 

Four men, aged between 24 and 33, opened accounts at various banks in Hong Kong and made transactions through a virtual currency exchange trading platform between February 2020 and May this year.

Suspicious funds of approximately $1.2 billion involving bank remittances and a virtual currency were found processed. 

During the operation, computers, mobile phones, banking security authentication tokens and documents, including business registration records, bank statements and chequebooks were seized.

Investigations are ongoing.

The four suspects have been released on bail pending further investigation and the likelihood of further arrests has not been ruled out.