Hong Kong thwarts Crypto Laundering Scheme Netting HK$118 Million
Hong Kong authorities recently dismantled a crypto laundering ring that processed approximately HK$118 million in illegal funds. Teh operation led to 12 arrests, including nine men and three women aged 20 to 40, across various parts of the city.
Law enforcement, coordinated by the Commercial Crime Bureau, conducted a series of raids. They seized HK$1.05 million in cash, over 560 bank cards, and various interaction devices. The investigation revealed that the criminal group had been recruiting mainland Chinese citizens as mid-2023 to set up fraudulent banking accounts in Hong Kong.
These accounts were used to launder money from various scams. The recruited individuals would withdraw cash and convert it to crypto at exchanges. Two Hong kong residents and ten mainland Chinese nationals, identified as key players, were among those apprehended.
- The operation involved over 550 banking accounts.
- HK$10 million was traced to 58 fraud cases.
- Total damages amounted to HK$43.2 million.
the group operated from a Mong Kok unit, where mainland recruits waited for instructions to process fraudulent transfers.Authorities are pushing for stricter penalties against those who misuse banking credentials.
In related news, a man in Auckland was arrested for his involvement in an international crypto fraud scheme, suspected of cheating seven victims out of approximately $265 million. Crypto crimes are rising globally,demanding heightened vigilance and enforcement.
