Hong Kong authorities have arrested 15 individuals in a major operation targeting a money laundering syndicate, seizing significant assets, as the city also moves to legalize new forms of betting to divert funds from illegal markets.
Police allege the group laundered approximately $139.5 million (equivalent to 128.6 million euros) obtained from criminal activities. This sum was reportedly moved through a network of 21 personal and three corporate bank accounts since 2016.
Five of the detainees—three men and two women—have been charged with money laundering and are expected to appear in court.
The remaining 10 suspects, comprising seven men and three women aged between 27 and 62, remain in police custody. The arrests were made late Sunday.
Investigators said the syndicate had established a seemingly legitimate financial company. This firm purported to offer high-value loans, allegedly serving as a front for its illicit money laundering operations.
The police operation, which commenced last Thursday, also targeted four separate locations in Hong Kong. These sites were suspected of being hubs for illegal gambling activities.
During the raids, officers confiscated a range of luxury items, including watches, jewelry, and high-end bags. They also seized banking documents and approximately $2.96 million (equivalent to 2.74 million euros) in cash.
Authorities later froze about $191,700 (equivalent to 177,500 euros) in bank accounts belonging to three of the arrested individuals. These funds are suspected to be proceeds from criminal enterprises.
The arrests underscore Hong Kong’s ongoing efforts to combat illegal gambling and associated financial crimes. Unlike Macau, the world’s gambling capital where casino operations are legal, Hong Kong’s legal betting options are limited to horse racing and football, managed by the Hong Kong Jockey Club monopoly.
To channel funds away from the black market, Hong Kong’s legislature approved the legalization of basketball betting on September 11.
The Hong Kong Jockey Club plans to start accepting bets on basketball games in September 2026. This timing coincides with the start of the next season for the National Basketball Association (NBA).