CoinVoice has recently learned from Hong Kong Commercial Daily that the Hong Kong police launched an operation codenamed "Night Raid" on the 15th, successfully dismantling a cross-border money laundering crime syndicate. This group recruited individuals from the mainland to open bank accounts in Hong Kong, converting scammed funds into cryptocurrencies for money laundering, with an amount involved reaching up to 118 million HKD.
According to reports, the police arrested a total of 12 suspects, including 2 core members of the syndicate and 10 individuals from the mainland. The syndicate has been engaging in criminal activities since July 2024, utilizing over 500 bank accounts for money laundering, with 10 million HKD confirmed to be from 58 fraud cases. During the operation, the police seized approximately 1.05 million HKD in cash, over 560 ATM cards, and a large number of virtual asset transaction records.
According to the Organized and Serious Crimes Ordinance in Hong Kong, involvement in such criminal activities can result in a maximum sentence of 14 years in prison and a fine of 5 million HKD. [Original link]