US EditionHong Kong police smash cross-border syndicate that laundered HK$118 million
- On Thursday, Hong Kong authorities cracked down on an international money laundering network that moved HK$118 million via cryptocurrencies and bank accounts across several districts.
- The syndicate operated by recruiting mainland Chinese and local individuals to open shell accounts since July 2024, which facilitated the laundering scheme.
- During raids on the syndicate’s office in Mong Kok, authorities confiscated more than HK$1 million in cash, upwards of 560 ATM cards, along with a collection of mobile phones and banking documents.
- Superintendent Shirley Kwok reported that the accounts were reportedly utilized to funnel illegal earnings from numerous fraud operations, with the investigation linking the network to over 50 scams that resulted in victims losing a total of HK$43.2 million.
- The arrests led to charges of conspiracy to commit money laundering, underscoring the authorities' call for tougher sentencing to curb misuse of personal bank accounts.
13 Articles
13 Articles
Hong Kong cracks down on HK$118M crypto-linked laundering syndicate
18-5-2025 – Hong Kong authorities have dismantled a sophisticated cross-border money laundering syndicate, apprehending 12 individuals orchestrating a scheme that funnelled HK$118 million ($15 million) through cryptocurrency and a sprawling network of over 500 illicit bank accounts. The...
Hong Kong Busts $15M Crypto Laundering Network in Cross-Border Operation
According to local officials, the joint operation led to the arrest of 12 individuals, including two Hong Kong-based ringleaders and ten accomplices from mainland China. The suspects, aged between 20 and 42, allegedly opened hundreds of fraudulent bank and crypto accounts to obscure the source of illicit funds. The group is believed to have used over 500 shell accounts—many created in both conventional and digital banking platforms—to funnel mon…
Hong Kong police busts $15M laundering ring that used crypto, 500 bank accounts - Invest In Crypto News
Hong Kong police arrested 12 people involved in a cross-border money laundering scheme that relied on crypto and over 500 stooge bank accounts to launder HK$118 million ($15 million), local news outlets reported. The syndicate was dismantled on May 15, resulting in the arrest of nine men and three women in mainland China and Hong Kong. The suspects allegedly recruited others to open bank accounts to receive proceeds from fraud cases, which were …
Hong Kong Police Disrupt $15 Million Laundering Ring Utilizing Cryptocurrency and 500 Bank Accounts
Hong Kong authorities dismantle a $15 million crypto money laundering operation Law enforcement in Hong Kong has successfully cracked down on a large-scale cryptocurrency laundering scheme worth $15 million. The police arrested five individuals between the ages of 24 and 33 for allegedly participating in the illegal operation. The suspects reportedly used a popular digital currency to launder the proceeds of illegal activities. Through a complex…
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