Updated at: 12/05/2012 11:35 PM
(AP) TAIPEI, Taiwan - Police say they have seized $3.8 million worth of gold ingots from a Taiwanese man suspected of laundering money for crime rings in Hong Kong.
Police say gold ingots weighing 64 kilograms (141 pounds) along with NT$29 million ($1 million) in cash were seized Wednesday at a jewelry shop, one of 19 shell companies set up by Shih Sung-lin to launder money.
Shih has been arrested in the case. He denied wrongdoing.
Police say the crime rings have wired more than NT$100 billion to Taiwan since 2006 by wiring small sums to countless dummy accounts to evade foreign exchange restrictions.
Local media allege that Taiwan has replaced Macau as a preferred site to launder money for corrupt Chinese officials in the wake of the territory’s 1999 handover to China.
(Copyright 2012 by The Associated Press. All Rights Reserved.)