Hong Kong Police Dismantle Cross-Border Money Laundering Syndicate: Over HK$150 million laundered in 3 months, 22 arrested

BlockBeats news, November 11 - Hong Kong police have dismantled a cross-border money laundering syndicate that laundered over HK$150 million in criminal proceeds between August and October this year, arresting 22 people. The New Territories North Regional Crime Unit launched a two-day operation codenamed "Thunder Net" starting November 10, raiding a guesthouse, a subdivided flat unit, and a shop disguised as a virtual currency over-the-counter trading platform. Police said the syndicate recruited mainland individuals to come to Hong Kong to open puppet accounts, then arranged for personnel to use bank cards distributed by the syndicate to withdraw cash from various ATMs. The cash was subsequently delivered to the aforementioned shop, where the mastermind laundered it through methods such as buying and selling virtual currencies.

The 22 people arrested in the operation include 21 men and 1 woman, aged between 21 and 54, comprising two locals and 20 Chinese mainland nationals holding two-way permits. Investigations revealed that two local core members were responsible for operating the money laundering hub, one mainland runner was responsible for recruiting cash withdrawers, distributing bank cards, and collecting and transporting cash, while another 19 mainland members served as account-opening snakeheads, cash withdrawers, and puppet account holders. Police seized over 1,600 bank withdrawal cards, approximately HK$5.85 million in cash, and over 200 mobile phones.