India, Hong Kong unearth laundering racket using synthetic diamonds, 8 held

Friday, 29 December 2023
The Directorate of Revenue Intelligence and Hong Kong Customs have uncovered a money laundering network involving diamond traders importing synthetic diamonds to India. The syndicate misdeclared the imports as natural diamonds, leading to remittances 100 times more in value. Eight individuals have been arrested, four in India and four in Hong Kong. Hong Kong Customs seized assets worth $1 million during the operation. Investigations revealed the involvement of an Indian SEZ-based firm and the mastermind based in Hong Kong.

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