Hong Kong police have frozen HK$2.75 billion (US$352 million) in assets, including cash, stocks and funds, believed to be the proceeds of crime from a cross-jurisdictional telecommunications fraud and money laundering network.
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The offensive targeted the network of Fujian-born Cambodian businessman Chen Zhi and his company, Prince Holding Group, both the subjects of sanctions by the United States and British authorities last month, a source said.
Hong Kong police said on Tuesday that officers had “proactively” targeted the group based on “intelligence and information gathering” and conducted a wealth investigation.
“After in-depth analysis of the fund flows of multiple companies and related bank accounts linked to the group, police found the group was suspected of committing money laundering offences,” a spokesman said.
The frozen assets were “believed to be criminal proceeds”, he added.
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The force’s financial intelligence and investigation bureau is following up on the case. No arrests have been made so far.