On June 26th 2015, it was reported in Hong Kong that an investor for a junket room in Macau has been accused and arrested for the laundering of 1.8 billion Hong Kong Dollars, which is about $232.2 million US dollars.
On Monday, Cheung Chi Tai attended the Wanchai police station with his lawyer. He was then detained on the suspicion that he had been dealing with property that is known or is believed to represent proceeds of crime. This is then an offence under the Hong Kong’s Organized and Serious Crimes Ordinance.
Cheung faced three separate charges on Wednesday at the Eastern Court. The charges are all money laundering.
The case has been deferred to September 24th. Cheung was released in bail that was HKD200 000.
The money laundering investigation in to Cheung began in December 2014. Two of the laundering charges against Cheung took place between 2004 and 2010.
Cheung was a shareholder in Neptune Group Ltd., where he owned 12.9 percent of Neptune Group in 2007 and since September 2008 he has had no stake.