Perpetrator Laundering Money Using Crypto Worth IDR 3.7 Trillion Caught in Hong Kong

Liputan6.com, Jakarta – According to a South China Morning Post report, Hong Kong customs officers have arrested three people in connection with a massive money laundering operation worth USD 228 million or the equivalent of IDR 3.7 trillion (assuming an exchange rate of IDR 16,207 per US dollar) exploiting crypto platforms and accounts banks associated with shell companies.

Reporting from CoinmarketcapFriday (19/4/2024), the arrest was made following an investigation into suspicious money laundering activities involving large and very frequent transactions in bank accounts that had no tax records, import and export declarations, and physical addresses.

Suspect Allegedly Using Tether

During the investigation, it was discovered that one of the accounts involved received large daily deposits of up to USD 4.9 million or the equivalent of IDR 79.5 billion and facilitated 167 transactions.

Further examination revealed the two suspects allegedly handled millions of dollars, equivalent to 40% of the total funds, through cryptocurrency platforms, specifically Tether.

Hong Kong Customs Department Financial Investigation Division commander Florence Yeung Yee-tak cited alleged challenges in investigating cryptocurrency-related money laundering due to its anonymity and lack of jurisdictional restrictions.

Yee-tak emphasized that law enforcement teams rely on intelligence, capital flow analysis and financial investigations to gather evidence.

In a coordinated operation, customs officers targeted four residences, five companies and two licensed money services businesses before making arrests.

Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.