The Straits Times
www.straitstimes.com
Published on Dec 06, 2012
 

Taiwan seizes $4.6m worth of gold in probe of money laundering ring

 
 

TAIPEI (AFP) - Taiwanese police and prosecutors have seized more than US$3.8 million worth of gold ingots in a probe into a money laundering ring, authorities said Thursday.

The ring, run by two men, was accused of recruiting homeless people in central Taiwan to open at least 19 dummy jewellery companies since 2006 to launder money from abroad through the sale of gold, a prosecutor said.

Various sizes of gold ingots weighing 64 kilograms in total were seized on Wednesday in one of the biggest cases of its kind, she said.

The two men and 26 others were questioned for their alleged role in the money laundering operations. Local reports said the clients were mainly from China and Hong Kong while the prosecutor declined to comment.