Hong Kong authorities said on Friday they had arrested seven people suspected of being involved in a $1.8 billion money laundering case, the largest ever in the history of the financial hub.
The seven comprised five men and two women aged 23-74, one of whom is believed to be the mastermind of the scheme, customs authorities said. They did not reveal the nationalities but said all seven were Hong Kong residents.
The scheme allegedly involved online scams in India and the sale of electronics, and rare gems including diamonds, among other goods, authorities said. The scheme allegedly used shell companies and multiple bank accounts to launder money, with one account receiving more than 50 deposits in one day. Authorities did not name the banks.
The seven were all released on bail while investigations continued and authorities did not rule out the prospect of further arrests.
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