Two people were arrested today (Oct 26) in connection with one of Hong Kong’s biggest money laundering cases.
Officials said they earned 3.5 billion Hong Kong dollars ($446 million) from reselling the precious metals.
They were arrested for converting the fake money into good money.
It is said that the two were involved in a plan to sell eight tonnes of precious metals such as gold, palladium, etc. between the years 2020 and 2021.
Precious metals can be bought and sold anonymously in Hong Kong.
Officials say criminals are involved in buying and selling them because of their high value, small size and easy distribution.
The two arrested used their corporate accounts to obtain precious metals.
They then quickly transferred the money to shell companies or bank accounts abroad, officials said.
The suspects are believed to be connected to a crime ring.