A 29-year-old local man has been convicted of two money-laundering offences and given an effective sentence of 54 months in prison. The District Court handed down the sentence on September 25.
The case followed reports from 78 people beginning in early 2019. They said they had paid a company for cryptocurrency-related computer equipment and services but received neither the promised returns nor refunds. Their reported losses totalled about HK$28 million.
Police said the defendant helped organise investment seminars, contacted victims and collected money. The court also considered large cash deposits and transactions in his bank account, together with frequent high-value movements through a betting account. Tax records showed he was working as a casual worker earning several thousand dollars a month at the time.
The District Court found that the only reasonable inference was that money paid into the defendant’s accounts represented fraud proceeds.
Police said nearly HK$8 million in suspected criminal proceeds had been intercepted. About HK$5.6 million had been recovered by victims through civil proceedings.
Police said they would later apply to forfeit the remaining assets.