31st May 2023 – (Hong Kong) Hong Kong law enforcement agencies and the Securities and Futures Commission (SFC) conducted a joint operation today to arrest a local man suspected of engaging in illegal short selling and fraud. During the operation, the law enforcement agencies arrested the man on suspicion of “dealing with property known or believed to represent proceeds of an indictable offence” (money laundering).
According to investigations, the man is suspected of engaging in illegal short selling through two local securities firms, with a market value of around HK$17.7 million. He is also suspected of processing the proceeds of the crimes, and illegally profiting from it by around HK$10.5 million. The man later transferred some of the proceeds to other bank accounts under his name.
