Hong Kong police busted a HK$230 million gold and silver smuggling ring, marking the largest precious metals smuggling case on record.

Hong Kong Customs announced the recent cracking of two suspected precious metal smuggling cases at Hong Kong International Airport, seizing approximately 168 kilograms of suspected gold sheets and approximately 285 kilograms of suspected silver sheets, with an estimated total market value of approximately HK$230 million. In terms of the market value of the smuggled goods, this is the largest precious metal smuggling case ever uncovered by Customs. Under Hong Kong's Import and Export Ordinance, smuggling is a serious offense; anyone who imports or exports unmanifested goods is liable on conviction to a maximum fine of HK$2 million and imprisonment for seven years. (Caixin)