According to local reports, Hong Kong police arrested 12 people involved in the cross -border money laundering scheme, relying on crypto and more than 500 storage bank accounts so that they were laundering HK $ 118 million (MILLION 15 million) (MILLION 15 million).
The syndicate was terminated on May 15, resulting in the arrest of nine men and three women in the mainland China and Hong Kong.
Hong Kong’s Commercial Daily reported May 17 that the suspects allegedly recruited others to open a bank account, which then turned into a crypto at Crypto Exchange Shops to laundering illegal funds.
The criminal organization rented a residential unit in the Hong Kong neighborhood of Mong Cook to plan its money laundering activities. Of the 15 million laundering, more than $ 1.2 million was linked to 58 fraud cases.
Stuck in the process
The broken broke, after police supervision on May 15, when two recruits left the syndicate’s peanuts base – one visited a bank, the other ATM – both before they turned into a crypto in the crypto at the crypto exchange shop in the neighborhood of Sam Shasui.
Police arrested both men on the spot, seizing HK $ 770,000 (, 98.540) in cash before being laundered in funds. The other 10 people, aged between 20 and 41 years, were arrested shortly after.
Police seized about HK $ 1.05 million (4 134,370) cash, more than 560 ATM cards, multiple mobile phones, bank documents and crypto transactions records.
Lone, senior inspector of the Hong Kong Commercial Crime Bureau, claims that people often use bank accounts through their friends and family so that they can laundering the stolen funds.
Hong Kong reported a 12 % increase in fraud reports in 2024, in which authorities made more than 10,000 fraud arrests. Of these arrests, about 73 73 % of the people who held a stoge bank account.
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The crackdown came out when Hong Kong continues its crypto regulatory framework to support local innovation, protect users and establish itself as a crypto center.
The Securities and Future Commission of Hong Kong introduced new rules for the crypto exchange in April. Two months ago, the Securities Regulators developed a roadmap to improve market access, improve compliance, increase product offerings, strengthen crypto infrastructure and promote relationships with industry players.
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