London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

Hong Kong arrests 22 in crackdown on fintech bookmaking and dirty money

Hong Kong arrests 22 in crackdown on fintech bookmaking and dirty money

Hong Kong police have arrested 22 locals in a crackdown on what they believed was the city’s first bookmaking and money-laundering racket that had taken advantage of financial technology.
Hong Kong police have arrested 22 locals in a crackdown on what they believed was the city’s first bookmaking and money-laundering racket that had taken advantage of financial technology to collect more than HK$500 million (US$64 million) in bets on international gambling websites.

The citywide arrests of 17 men and five women, aged 21 to 67, were made over the past weekend.

Investigators believed among those detained were the mastermind, five core members, a money changer and 15 individuals who opened bank accounts.

Chief Superintendent Frank Law Yuet-wing of police’s cybersecurity and technology crime bureau on Monday said the syndicate had paid thousands of Hong Kong dollars to people to set up virtual bank accounts that would be used to collect bets on soccer matches, horse races and online casinos offered by gambling websites abroad.

The ring members also used online game platforms, forums and social media, offering gambling tips to tempt interested parties into placing bets.

Law said the syndicate had accepted more than HK$500 million since May this year through the Faster Payment System (FPS), a platform launched by the Hong Kong Monetary Authority in 2018 to enable users to make real-time cross-bank payments.

The accounts were also used for suspected money-laundering activities.

Investigators froze more than HK$10 million worth of assets in the operation, including HK$3.4 million in cash, five luxury watches costing HK$1 million and a Porsche SUV.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×