TechFlow, May 17 — According to Hong Kong Business Daily, on the 15th, the Hong Kong Police launched a special operation codenamed "Night Raid," successfully dismantling a cross-border money laundering syndicate. The group recruited individuals from mainland China to open bank accounts in Hong Kong, converting proceeds from fraud into cryptocurrency for money laundering, involving a total amount of HK$118 million.
The report stated that police arrested 12 suspects, including two core members of the syndicate and ten individuals from mainland China. The group had been engaged in criminal activities since July 2024, using over 500 bank accounts for money laundering, with HK$10 million confirmed to have originated from 58 fraud cases. During the operation, police seized approximately HK$1.05 million in cash, more than 560 debit cards, and a large volume of virtual asset transaction records.
Under Hong Kong's Organized and Serious Crimes Ordinance, those involved in such offenses face a maximum penalty of 14 years' imprisonment and a fine of HK$5 million.
