2019.12.19 Police Arrests 4 Suspects In Relations to Money Laundering Involving Spark Alliance
The Police has allegedly cracked down on Spark Alliance, a non-profit group providing financial aid to pro-democracy protesters, over allegations of money laundering. The Police has seized $70 million of funds, including bank deposits, as well as investment and insurance products.
Senior Superintendent Chan Wai-kei states that three men and a female, aged from 17 to 50 years old, were arrested. The Police found $130,000 cash in some of their residences, which includes 3,300 supermarket coupons, receipts amounted to $160,000, six arrows, 2 laser pointers and protective gears.
The investigation showed that 20% of the $80 million received was cash, a majority of which sourced from local cash deposits. According to Chan, this was an indication of money laundering, where money from crowd funding were deposited in a shell company and used to purchase insurance and investment products. The beneficiaries of these products are the directors of the company, who were suspected of money laundering.