Hong Kong authorities create the largest ever gold smuggling bust

• Hong Kong authorities intercepted and seized 146kg of gold, the city’s largest-ever smuggling bust.
• The precious metal, disguised as machine parts, was estimated to be worth over $10 million.
• A 31-year-old man was arrested following the interception.

Last month, Hong Kong authorities intercepted and seized 146kg of gold, the city’s largest-ever smuggling bust. The precious metal, disguised as machine parts, was estimated to be worth over $10 million (£8 million) and was en route to Japan. Following the interception, authorities arrested a 31-year-old man who has since been released on bail pending further investigations.

Customs officials discovered the smuggling attempt while examining two air compressors scheduled to depart in a cargo shipment to Japan on 27th March. The officials grew suspicious of the compressors due to their unusual texture and weight. Upon examination, they found gold molded and camouflaged into parts like gears, screws, and motor cores in both compressors, as stated in a government announcement on Monday.

Authorities have suggested that a crime syndicate seeking to evade taxes in Japan may have orchestrated the operation. Hong Kong, known as one of the world’s largest gold trading hubs, has witnessed a rise in gold prices amidst geopolitical uncertainty.

Also Read

Hong Kong enacts stringent security law amidst controversy

Hong Kong's leader, John Lee, praised the law's passing as a historic...