Hong Kong customs arrests 5 in suspected HK$8.9 billion ‘ghost 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, the first time authorities have uncovered a syndicate using sophisticated fake shipping websites to facilitate what investigators called “ghost 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...