Crypto Laundering Ring Busted in Hong Kong as 12 Suspects Arrested
The post Crypto Laundering Ring Busted in Hong Kong as 12 Suspects Arrested appeared on BitcoinEthereumNews.com. Hong Kong police have dismantled a cross-border crypto laundering syndicate after arresting 12 suspects. The group allegedly laundered HK$118 million (approximately $15 million USD) through a network of over-the-counter crypto exchange shops and traditional banks. Authorities said the money came from various scams and was converted into cryptocurrency to hide its origins. Among the suspects are two important local individuals and ten mainland Chinese operatives, who are all between 20 and 42. The police discovered that the syndicate operated with shell accounts and numerous bank cards to hide illegal funds. This situation demonstrates the difficulties that authorities in the region have with stopping crypto laundering. Crypto Laundering Ring Busted in Hong Kong On Thursday, the Commercial Crime Bureau executed a raid on multiple places in Hong Kong. The police found over HK$1.05 million in cash, over 560 ATM cards, various electronic devices, and financial documents. Shirley Kwok Ching-yee, the city’s superintendent of banks, as a result, noted that individuals from the mainland were engaged in a scheme to establish accounts in Hong Kong banks. “These accounts were allegedly used to receive illicit proceeds from various fraud schemes,” Superintendent Kwok said. The suspects withdrew cash using different bank cards and transported the money to virtual asset exchange stores. There, the funds were converted into cryptocurrency, and as a result facilitating crypto laundering. Chief Inspector Lo Yuen-shan in addition said that the syndicate operated an office in Mong Kok since mid-2024. Mainland recruits subsequently stayed at the location and awaited instructions to process the illegal money. Scope of the Crypto Laundering Activities After an investigation, police found the group laundered over HK$118 million using 550 bank accounts and transactions involving virtual assets. In addition, following surveillance, police arrested the two key local members after they withdrew cash from ATMs and went to…

The post Crypto Laundering Ring Busted in Hong Kong as 12 Suspects Arrested appeared on BitcoinEthereumNews.com.
Hong Kong police have dismantled a cross-border crypto laundering syndicate after arresting 12 suspects. The group allegedly laundered HK$118 million (approximately $15 million USD) through a network of over-the-counter crypto exchange shops and traditional banks. Authorities said the money came from various scams and was converted into cryptocurrency to hide its origins. Among the suspects are two important local individuals and ten mainland Chinese operatives, who are all between 20 and 42. The police discovered that the syndicate operated with shell accounts and numerous bank cards to hide illegal funds. This situation demonstrates the difficulties that authorities in the region have with stopping crypto laundering. Crypto Laundering Ring Busted in Hong Kong On Thursday, the Commercial Crime Bureau executed a raid on multiple places in Hong Kong. The police found over HK$1.05 million in cash, over 560 ATM cards, various electronic devices, and financial documents. Shirley Kwok Ching-yee, the city’s superintendent of banks, as a result, noted that individuals from the mainland were engaged in a scheme to establish accounts in Hong Kong banks. “These accounts were allegedly used to receive illicit proceeds from various fraud schemes,” Superintendent Kwok said. The suspects withdrew cash using different bank cards and transported the money to virtual asset exchange stores. There, the funds were converted into cryptocurrency, and as a result facilitating crypto laundering. Chief Inspector Lo Yuen-shan in addition said that the syndicate operated an office in Mong Kok since mid-2024. Mainland recruits subsequently stayed at the location and awaited instructions to process the illegal money. Scope of the Crypto Laundering Activities After an investigation, police found the group laundered over HK$118 million using 550 bank accounts and transactions involving virtual assets. In addition, following surveillance, police arrested the two key local members after they withdrew cash from ATMs and went to…
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