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In Hong Kong and the mainland China, twelve people were arrested for their alleged roles in the cross -border money laundering operation, which moved $ 118 million ($ 15 million) through cryptocurrency and hundreds of fraudulent bank accounts, reported the local media on May 17.
According to Hong Kong Commercial dailyThe criminal syndicate used more than 500 so -called Stooge accounts (bank accounts open or provided by third parties) to obtain revenue from fraud cases.
The money was then transferred to local cryptometer stores and effectively masked its origin.
Crypto Washing ring operated from the apartment Mongg Kok, says the police
It is assumed that the group operated from a rented apartment in Mong Kok, where they planned and coordinated the washing.
Authorities claim that more than 9.4 million HK ($ 1.2 million) from funds may be associated with at least 58 confirmed fraud cases.
Operation came to the head 15. May, after police supervision followed two suspicious recruits of the syndicate leaving the Mong Kok base – one bank visit, the other ATM.
Both individuals later tried to convert cash to a cryptocurrency in a shop in Tsim Sha Tsui.
Officers intervened before the funds could be washed, arrested both on the spot and the seizure of around 770,000 HK ($ 98,540) in cash.
Soon after, ten other suspects aged between 20 and 41 were detained.
During the raids, the authorities received approximately 1.05 million HK ($ 134,370) in cash, over 560 ATMs, several mobile phones, and documents associated with bank and crypto transactions.
Senior Inspector TSE Ka-Lun from the Business Crime Office said that many bank accounts used in the system were provided by friends and relatives of the participants, often without understanding the full extent of crime.
The arrest comes in the middle of an increase in crimes related to fraud in the city. The fraud reports increased by 12%in 2024, with more than 10,000 related arrests.
Police arrests HK 12 suspects in crypto washing $ 15 million linked to 500+ bank accounts and 58 fraud cases
$ 15 million is not even so much TBH, hardly worth trouble. pic.twitter.com/qzsamebjb2
– Gordon (@altcoingordon) 18 May 2025
The police noted that about 73% of these cases included individuals controlling the Stooge accounts.
Hong Kong intensifies crypto procedure
The procedure coincides with the wider effort of Hong Kong about the secrecy of the supervision of its crypto sector.
Last week, the Cyber Security and Technology Crime (CSTCB) Crime Office announced the starting tool for analyzing virtual assets Assistance in investigating crypto crime.
This tool is called “Cryptotrace”, is developed in cooperation with the University of Hong Kong and offers “advanced intelligence and investigations of units of crime investigation”.
The Bureau stated that they carried out virtual assets and cryptotration training in March.
The aim of the course was to strengthen the capabilities of frontline officers in solving cases of virtual assets.
In addition to the struggle against crime related to the crypt of CSTCB, it is actively involved in the parties across sectors.
Titus, a law firm in Hong Kong, noted that the city state lost a stunning $ 3.1 billion In the first 10 months of 2024 on crypto related fraud.
Moreover recently exposed Sophisticated fraud related to the false “national Hong Kong coin”. The fraud has stated the public in believing that the government will soon start an official digital currency.
Contribution Hong Kong police bust 15 million $ crypto money washing, arrest 12 He appeared for the first time Cryptonews.
