Hong Kong police dismantle a cryptocurrency money laundering group, involving funds exceeding 7 million yuan

2024-09-27 12:32:50

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ChainCatcher news, according to the Sing Tao Daily, the Criminal Division of the Wong Tai Sin Police District in Hong Kong conducted an enforcement operation codenamed "Joint Fight" from September 19 to 26, successfully dismantling a group that used cryptocurrency for money laundering, arresting 25 individuals involved in 39 fraud cases, with losses exceeding 7 million HKD.

The police stated that the 25 arrested individuals (18 men and 7 women, aged 19 to 65) included the mastermind of the group, three key members, and 21 puppet account holders. The police seized more than 20 electronic devices and two cryptocurrency cold wallets.

The group had been operating since May 2023, using puppet information to open bank and cryptocurrency exchange accounts, obtaining funds through various types of scams, and converting the money into cryptocurrency via P2P transactions.

The 39 fraud cases involved mainly online investment, job-seeking, and fake customer service scams, affecting 39 victims (23 men and 16 women, aged 19 to 72), with the largest single loss amounting to 1.6 million HKD.

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