Hong Kong police cracked a London gold and cryptocurrency investment scam, involving money laundering of over 300 million Hong Kong dollars

ChainCatcher news, the Hong Kong police have dismantled a local scam group disguised as a London gold and virtual investment business. This scam group utilized 50 shell companies and puppet accounts to launder 320 million Hong Kong dollars in fraudulent funds over the past year.

The Chief Inspector of the East Kowloon Major Crime Unit, Duan Yuheng, stated that the scam group used cold calling to promote investment projects such as London gold and virtual currencies to lure victims into participation. Once the victims fell for the scam, group members would claim to transfer cash or funds to specific accounts. These application accounts were merely a virtual trading platform and had no relation to the London gold and virtual currencies available in the market. Currently, the Hong Kong police have arrested 19 men and women on suspicion of "money laundering" and "conspiracy to commit fraud."