PANews, July 22 - According to Sing Tao Daily, Hong Kong Customs today cracked a case suspected of using smuggled cash and virtual assets for money laundering, involving an amount of approximately 1.15 billion HKD. They arrested a local man and a non-local man. It is reported that Hong Kong Customs personnel identified a 37-year-old local man and a 50-year-old non-local man and launched a wealth investigation. They discovered that the two were smuggling cash out of the country and frequently and rapidly engaged in large transactions of stablecoins and fiat currencies with funds of unknown origins, which was highly inconsistent with their backgrounds and financial situations, suspected of engaging in money laundering activities. During the operation, Customs officers seized a batch of suspected items involved in the case, including mobile phones, tablets, and bank cards. The case is still under investigation, and the two arrested individuals are currently on bail pending further inquiries, with the possibility of more arrests not ruled out.