The Hong Kong Customs and Excise Department has smashed a money laundering syndicate and arrested four people. They are suspected of using a number of shelf companies to receive large amounts of overseas cross-border remittances and launder 1.50 billion Hong Kong dollars in virtual currency transactions. All of them are on bail pending investigation. About 2.20 million of their bank accounts have been frozen. Pan Yeqin, director of investigation at the Customs Organized Crime Bureau, said that the four arrested involved a family of three and a local man, of which a pair of Asian father and son were the masterminds of the group. The investigation said that between 2020 and 2022, they received large sums of money from overseas of unknown origin, some of which were involved in overseas criminal activities. The two set up a number of shelf companies in Hong Kong and transferred the large sums of money obtained in two years to more than 30 accounts in seven banks, of which the single maximum transfer amount was 23 million yuan. Pan Yeqin said that the group will then split the transaction, split the silver code and transfer money to 180 third-party accounts, and pay 70,000 yuan per month to recruit another arrested 31-year-old local man, who processed 300 million yuan of black money through virtual currency.