BlockBeats news, on May 17, according to the (Hong Kong Commercial Daily), the Hong Kong police launched an operation codenamed 'Night Strike' to dismantle an active money laundering cross-border crime group involving mainland China and Hong Kong. The money laundering group recruited individuals from the mainland to open bank accounts in Hong Kong to benefit from fraud cases, which were then arranged to withdraw cash from banks and take it to virtual asset exchange stores to convert into cryptocurrency for laundering. During the operation, 12 men and women were arrested, involving criminal proceeds of HKD 118 million.
Chief Inspector Lo Yuen San of the Fraud Investigation Team of the Hong Kong Commercial Crime Bureau stated that from July 2024 to May 2025, the crime group recruited individuals from the mainland to act as puppet account holders, with the accounts primarily used to receive proceeds from various types of fraud cases. During this period, over 500 bank accounts were used to launder HKD 118 million. Among this, HKD 10 million has been confirmed to belong to part of the criminal proceeds from 58 reported fraud cases, with victims losing approximately HKD 43.2 million in these 58 fraud cases.