Macau Police Bust Major Illegal Currency Exchange Ring Linked to Jewelry Stores

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Authorities have dismantled a large-scale illegal currency exchange operation run through eight jewelry stores near local casinos, arresting 33 suspects and seizing millions in cash.

Arrests and Operation Details

The Judiciary Police (PJ) detained 22 Macau residents and 11 mainland Chinese nationals in a raid on Tuesday (March 25). Among those arrested was the alleged leader of the criminal group.

The syndicate reportedly used jewelry shops as fronts to offer illegal currency exchange services to gamblers, bypassing legal financial channels. Police estimate the operation handled HK $590million(US$74 million) since 2019, earning roughly HK $20million(US$2.5 million) in profits.

How the Scheme Worked

• The group created fake purchase records at jewelry stores to disguise currency exchanges.
• They profited from exchange rate differences between Hong Kong dollars and Chinese yuan.
• Members had specialized roles, including laundering illicit funds to evade detection.

Police Raid and Seizures

Over 80 officers raided multiple locations, including jewelry shops, offices, and homes. They confiscated:

• HK$18million(US$2.25 million) in cash
• A small number of casino chips
• Financial ledgers and suspected fake transaction receipts

Tougher Laws Curbing Illegal Exchanges

Macau’s updated Illegal Gambling Law, enacted in October 2023, now criminalizes unauthorized currency exchange for gamblers.

Since then, illegal exchange activity has plummeted:

• First quarter of 2024: 1,292 cases
• Fourth quarter of 2024: 350 cases

Police say the crackdown will continue to target underground financial networks supporting gambling-related crimes.

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