Three days of simultaneous raids by the Hong Kong Police led to confiscation of millions of dollars worth of cash; total of 83 people under suspicion of money laundering, loansharking, and connections with the Triad arrested
Original story by Erik Gibbs for Casino.org
Hong Kong police apprehended dozens of individuals during recent illegal gambling raids. One of the individuals arrested is allegedly a reputed higher-up of the Wo Shing Wo triad.
Between last Thursday and Saturday, police arrested 83 people – 41 males and 42 females between the ages of 26 and 72. Their alleged crimes involved money laundering and engaging in illegal gambling activities.
On Friday, authorities detained the unidentified leader’s spouse, his son, and an individual suspected of being an advisor to the gang. Allegations suggest the family managed HK$68 million (US$8.67 million) obtained through illicit activities. Police confiscated more than HK$12.5 million (US$1.6 million) during the raids. They discovered HK$7 million (US$892.500) in cash and property titles on the property, as well.
The son, 26, may not be associated with the triad. Police indicated that no records were found to verify that the son made any payment directly for the properties. It is believed the property may have been put in his name to cover their tracks.
Several suspicious financial transactions led to the raids, including the movement of substantial sums of money between unidentified locations and the family’s bank accounts. The family spent over HK$10 million (US$1.27 million) on real estate on at least two occasions.
The family’s reported income over the past nine years was HK$1.6 million (US$204,000).
During the three-day raid, police arrested two lenders suspected of having connections with the triad. Police apprehended 14 individuals, including six people they suspect laundered money for a loan sharking business that charged as much as 400% interest. Eight of those individuals are suspected of managing and collecting outstanding debt.
Read the full story of the events leading up to the and insights on how illegal gambling and gambling in general are on the rise in Hong Kong in the original story in Casino.org here https://www.casino.org/news/hong-kong-triad-boss-arrested-during-illegal-gambling-raids/
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