Hong Kong authorities have arrested 12 individuals linked to a criminal syndicate accused of laundering over $15 million through cryptocurrencies and fraudulent bank accounts. The suspects, aged between 20 and 40, were apprehended in coordinated raids across various districts. The syndicate allegedly funneled more than $15 million through 550 fraudulent bank accounts and virtual asset platforms by obtaining personal details and bank accounts from locals and mainland residents. Police seized cash, ATM cards, mobile phones, and financial documents during the raids. The group targeted individuals from mainland China, helping them open shell accounts in Hong Kong banks. The suspects have been charged with conspiracy to commit money laundering. This crackdown is part of efforts to combat crypto-related crimes in the region. Hong Kong aims to become a global hub for virtual assets and innovation, leveraging its legal infrastructure and international talent pool. Read more AI-generated news on: https://app.chaingpt.org/news