Hong Kong police uncovered a virtual currency money laundering case involving approximately HK$30 million

According to reports from Ta Kung Pao, on the 8th, the Hong Kong police launched anti-money laundering operations codenamed "Hammer Strike" and "Mou Gong", arresting a total of 12 people who are suspected of laundering black money involving fraud cases amounting to about HKD 30 million through large cash withdrawals and virtual currency transactions.The police noticed that a large amount of criminal proceeds from fraud crimes flowed into local bank accounts from January to October this year. The Financial Intelligence and Investigation Division conducted a thorough investigation and found 32 cases of local and overseas telephone fraud and investment fraud crimes, involving 54 local bank accounts. The amount of losses suffered by the victims in the cases reached HKD 97 million, with the highest amount involved in a case exceeding HKD 2.4 million. After investigation, a local money laundering criminal group was identified, which recruited friends and relatives to open a large number of bank accounts. Through mobile dating applications, they lured victims to transfer money to the bank accounts involved in the case, and the members of the group quickly withdrew large amounts of cash after receiving the fraudulent funds, and then purchased and sold virtual currencies repeatedly to cover up the source of funds.The police conducted raids on multiple locations the day before yesterday, including two virtual currency investment companies, and arrested 5 men and 7 women. Eleven of them were suspected of conspiring to launder black money, and one person was suspected of obstructing the police's work. The ages of the suspects ranged from 20 to 45 years old, and they were suspected of laundering about HKD 30 million of black money through large cash withdrawals and virtual currency transactions. During the operation, about HKD 1.2 million in cash, more than 25 bank cards, multiple smartphones and computers were seized. The 12 suspects are currently being detained by the police, and the police do not rule out the possibility of more arrests.