This Dec 15, 2020 photo shows the mobile phones, banking security authentication tokens and chequebooks seized during a money laundering raid by Hong Kong Customs. (PHOTO / INFORMATION SERVICES DEPARTMENT, HKSAR GOVT)

HONG KONG - Hong Kong Customs has busted a money laundering ring and uncovered suspicious remittance of HK$880 million (around US$113.5 million).

Four people from a local money service operator and an offshore company were arrested during an operation last Wednesday and HK$16 million of bank balance was frozen, the customs said Tuesday.

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Initial investigation revealed that the suspects processed the suspicious remittance from May 2018 to April 2019.

The customs said that investigation is still ongoing and there could be more arrests.