Careless spending has brought down the house in Hong Kong. In the wake of several raids involving illegal gambling and other crimes, the Hong Kong police apprehended dozens of individuals, among them a reputed higher-up of the Wo Shing Wo triad and his relatives.
Hong Kong police on patrol. Recent raids have targeted illegal gambling and money laundering operations against the wo Shing Wo triad. (Image: Reuters)
Over the course of three days, starting on Thursday and ending on Saturday, a wave of enforcement actions resulted in the arrests of 83 people – 41 males and 42 females between the ages of 26 and 72. Their alleged crimes involved money laundering and engaging in illegal gambling activities.
The inquiry, led by Chief Inspector Terence Wong Chi-tang from the police’s Organized Crime and Triad Bureau, followed a lengthy year investigating the financial affairs of suspected Wo Shing Wo figure, as well as his family.
Hong Kong police arrested over 171 people belonging to the same triad six years ago. They also made arrests every year from 2019 to 2022. The number of arrests from the recent raids shows that the criminal group is alive and well.
Leaving Beyond Their Means
The family’s reported income over the past nine years, according to Wong, was HKD1.6 million (US$204,000). What raised suspicion, though, was the consistent movement of substantial sums of money between unidentified locations and the family’s bank accounts.
Therefore, when the family spent over HKD10 million (US$1.27 million) on at least two occasions to buy real estate, the red flags immediately went up. Raising them even higher is the fact that the 57-year-old reported triad boss has no job.
On Friday, authorities detained the unidentified leader’s spouse, their son and an individual suspected of being an advisor to the gang. Allegations suggest that the family managed HK$68 million (US$8.67 million) obtained through illicit activities.
Police confiscated over HKD12.5 million (US$1.6 million) during the raids. They discovered HKD7 million (US$892.500) in cash and property titles during their search at the individual’s residence in Tsing Yi.
The son, reportedly just 26, may not be associated with the triad. However, perhaps in an attempt to cover their tracks, his parents acquired property under his name. The police indicated that no records were found that could verify he made any payment directly for the properties.
Another operation involved a raid on two lenders suspected of having connections with the same triad. The police apprehended 14 individuals, including six people they suspect laundered money for a loansharking business that charged as much as 400% interest.
The other eight either managed the operations or were responsible for collecting outstanding debts. During the raids, the authorities also confiscated HKD5.7 million (US$726,750) in cash.
Additional raids were led on other illegal gambling venues and at least one gas station, also reportedly belonging to the triad. Those raids across the Chinese special administrative region led to 65 of the 83 arrests.
Hong Kong Gambling on the Rise
Gambling in Hong Kong is supposedly controlled very tightly – only the Hong Kong Jockey Club holds a license to run gambling operations. However, if it were up to China, there would likely be no gambling anywhere.
That’s not likely going to happen, and a recent study shows that attempts to block gambling aren’t working. That could become a greater issue over the next few years, especially if gamblers have to pay black market interest rates of as much as 400%.
A non-governmental organization has conducted a study recently that revealed a considerable percentage of young individuals from Hong Kong indulge in gambling activities. The investigation, conducted by i-Change, a consulting firm, encompassed the gambling habits of 601 students aged between 19 and 25, providing insights into their involvement in such activities.
The survey indicated that 41% of the students who took part in the study have actively participated in gambling within the last three months. Among these, close to 50% reported their involvement in online gambling platforms.
The report has raised concerns due to the potential rise in online gambling suggested by these findings. Because it’s more difficult to manage online gaming than land-based casinos, keeping the youth away from the platforms is going to be problematic.
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