Hong Kong police have cracked a virtual currency money laundering case involving approximately 30 million Hong Kong dollars

ChainCatcher news, according to reports from the Hong Kong Public Network, the Hong Kong police launched anti-money laundering operations codenamed "Hammer Strike" and "Conspiracy Attack" on the 8th, arresting a total of 12 people. They are suspected of laundering approximately 30 million Hong Kong dollars involved in fraud cases through large withdrawals and trading virtual currencies.

The police noticed that a large amount of proceeds from fraud crimes flowed into local bank accounts between January and October this year. The Wealth Intelligence and Investigation Division conducted an in-depth investigation and found that the criminal proceeds related to 32 local and overseas phone scams and investment frauds flowed into 54 local bank accounts. The total loss amount for the victims in these cases reached 97 million Hong Kong dollars, with the highest amount involved in a single case exceeding 2.4 million dollars. After investigation, a local money laundering criminal group was identified, which recruited friends and relatives to open numerous bank accounts. They used mobile dating applications to attract victims with high-return investment plans, enticing them to transfer money to the involved bank accounts. After receiving the fraudulent funds, group members quickly withdrew large amounts of cash, then purchased virtual currencies and repeatedly bought and sold to disguise the source of the funds.

The police conducted surprise searches at multiple locations the day before yesterday, including two virtual currency investment companies, arresting 5 men and 7 women. Eleven individuals are suspected of conspiracy to commit money laundering, and one person is suspected of obstructing police duties. The ages of those arrested range from 20 to 45 years old, and they are suspected of laundering approximately 30 million Hong Kong dollars through large withdrawals and trading virtual currencies. During the operation, about 1.2 million Hong Kong dollars in cash, more than 25 bank cards, several smartphones, and computers were seized. The 12 individuals are currently in police custody, and the police do not rule out the possibility of more arrests.