Hong Kong police dismantled three virtual currency money laundering groups, with the amount involved exceeding 300 million Hong Kong dollars

ChainCatcher news, according to East Net reports, Hong Kong law enforcement agencies launched anti-money laundering operations codenamed "Micro Song," "Black Brain," and "Ghost Hero" this month based on tips and analysis, dismantling three money laundering groups and arresting 27 people, with a total amount involved exceeding 300 million Hong Kong dollars.

Investigating officers stated that in March this year, Hong Kong law enforcement received a request for investigation from Singapore authorities, indicating that over 30 fraud cases had occurred locally, with approximately 30 million dollars in fraudulent funds flowing into puppet accounts in Hong Kong after multiple transfers. The investigating officers pointed out that a certain group used a large number of accounts for transfers and repeatedly withdrew cash to purchase virtual currency on local virtual asset trading platforms to evade detection. The Hong Kong police also disclosed data showing that in the first half of this year, law enforcement agencies arrested 5,693 people for money laundering-related crimes, a 40% increase compared to the same period last year; among them, 4,465 were puppet account holders, accounting for 78% of those arrested.