Hong Kong police have cracked a cross-border money laundering case involving cryptocurrency with an amount as high as HKD 118 million

2025-05-17 21:59:27

Collection

ChainCatcher news, according to Hong Kong Commercial Daily, the Hong Kong police launched an operation codenamed "Night Strike" on the 15th, successfully dismantling a cross-border money laundering criminal group. This group recruited individuals from mainland China to open bank accounts in Hong Kong, converting the proceeds of fraud into cryptocurrency for money laundering, with an amount involved reaching up to HKD 118 million.

According to reports, the police arrested a total of 12 suspects, including 2 key members of the group and 10 individuals from mainland China. The group began its criminal activities in July 2024, using over 500 bank accounts for money laundering, with HKD 10 million confirmed to have come from 58 fraud cases. During the operation, the police seized approximately HKD 1.05 million in cash, over 560 ATM cards, and a large number of virtual asset transaction records.

According to the Hong Kong Organized and Serious Crimes Ordinance, those involved in such criminal activities can face up to 14 years in prison and a fine of HKD 5 million.

(Source Link)

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.