Mainland Fisherman Jailed 50 Months Over HK$10 Million Laundering
SingTao · 3 SOURCESabout 1 hour ago2 MIN
Summary
A 35-year-old mainland Chinese man who described himself as a fisherman was sentenced in the District Court on August 26 after pleading guilty to one count of money laundering. The court added eight months to his term, bringing the total sentence to 50 months, after accepting an application to enhance the penalty over the use of a stooge bank account to handle about HK$10 million in crime proceeds.
The case stemmed from two online investment scam reports involving overseas victims, with police saying more than HK$13 million was lost in total and about HK$4.47 million was paid into a local stooge account linked to the defendant.
Key Points
- Police received two reports in March and September 2024 from overseas victims who were lured by fraudsters posing as investment experts.
- The victims were directed to open accounts on fake websites or apps and transfer funds into multiple bank accounts for supposed investments.
- Investigators said the two victims lost more than HK$13 million altogether, including about HK$4.47 million deposited into one local stooge account.
- Police arrested the 35-year-old mainland Chinese account holder, who said he worked as a fisherman, after tracing the suspicious local bank account.
- Analysis found he used his Hong Kong bank account between August and December 2023 to launder about HK$10 million in criminal proceeds.
Why It Matters
Police sought a tougher sentence under section 27 of the Organized and Serious Crimes Ordinance to raise deterrence against people who rent, lend or sell bank accounts for laundering. From October 2023 to now, 562 people convicted of money laundering involving stooge accounts have had their sentences increased by between two and 18 months, according to police.