TechFlow News: On February 4, according to Hong Kong 01, the Hong Kong Police Force recently launched a territory-wide law enforcement operation codenamed “Operation Mau Kung,” arresting a total of 682 individuals across 580 fraud and technology-related crime cases, involving a staggering HK$620 million.
As part of this operation, under the Cybersecurity and Technology Crime Investigation Bureau’s initiative codenamed “Operation Chan Wong,” police successfully dismantled a criminal syndicate engaged in money laundering using virtual currencies. The syndicate was contracted by online fraud groups and laundered approximately HK$44 million in illicit proceeds through complex fund-transfer methods. The group utilized over 200 bank mule accounts to move funds and established fake-identity accounts on overseas virtual currency platforms, converting illegal funds into virtual currencies before cashing them out via over-the-counter (OTC) exchanges. This operation resulted in the arrest of 11 individuals, including three ringleaders and one core member.
The police stated that this money-laundering method—integrating physical cash, virtual currency transactions, and cash courier services—is highly sophisticated and significantly complicates efforts to trace illicit funds.
