Hong Kong customs arrests 5 in suspected HK$8.9 billion ‘phantom trading’ racket
Hong Kong customs has arrested five people on suspicion of laundering HK$8.9 billion (US$1.1 billion) in suspected crime proceeds over a four-year period, with investigators for the first time uncovering a syndicate using sophisticated fake shipping websites for “phantom trading”. Senior Investigator Tsoi Kim-fai of customs’ financial investigation bureau said on Tuesday that the operation…