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 last week led to the arrest of two men and three women, aged 28 to 59, who allegedly operated 29 bank...