Teenager arrested for illegal currency exchange

Authorities have arrested an 18-year-old mainland man suspected of engaging in illegal currency exchange and money laundering. According to police reports, a gambler was introduced to the suspect on March 14 and agreed to exchange HKD167,000 for RMB157,000. The following day, the gambler’s mainland bank account was frozen due to suspected fraudulent transactions. Further investigations revealed that the suspect had allegedly conducted illegal currency exchanges twice this month, involving a total of HKD420,000. He was taken into custody on March 17 in Cotai and later transferred to the Public Prosecutions Office.