According to PANews, the Hong Kong police have dismantled a cross-border money laundering syndicate operating between mainland China and Hong Kong. The operation, dubbed 'Night Raid', led to the arrest of 12 individuals involved in laundering proceeds from fraudulent activities amounting to HK$118 million.

Chief Inspector Lo Wan-shan of the Commercial Crimes Bureau's Fraud Investigation Team stated that between July 2024 and May 2025, the criminal group recruited individuals from mainland China to open shell bank accounts in Hong Kong. These accounts were primarily used to receive the proceeds of various fraud cases. The syndicate used over 500 bank accounts to launder HK$118 million.

Among the laundered funds, it has been confirmed that HK$10 million is part of the proceeds from 58 reported fraud cases, in which victims suffered losses totaling approximately HK$43.2 million. The operation involved withdrawing cash from these accounts and converting it into cryptocurrencies at virtual asset exchange stores to further obscure the trail of the money.