Crypto operation for $ 6 million bans in Hong Kong

Hong Kong’s authorities successfully broke the cross-border mesh for washing crypting, which was allegedly processed by about $ 118 million (US $ 15 million) in illicit.

Effective action has resulted in a dozen arrests as officials intensified their campaign against individuals who cashed their personal bank credentials.

The law enforcement was conducted by coordinated raids on Thursday led by a commercial crime institution. This led to detention of nine men and three women aged 20 and 40 in more Hong Kong districts.

The operation was given evidence such as HK 1.05 million dollars cash currency, a collection of over 560 bank cards, multiple communication devices and financial documentation.

Investigators reveal CRIPTO Washing Operation

Toward SCMPInvestigators found that the criminal enterprise systematically recruited citizens from continental China since mid-2023. to establish false banking relations with conventional and digital financial institutions across Hong Kong.

The Senior Police official explained that these accounts functioned as a fitness for a criminal offense from various fraud operations. Recruited individuals would then retrieve physical money using different payment cards and transport these funds to the bushing cryptocurnost locations where the money would be converted into a cripto.

Authorities stated that among those in custody, two Hong Kong residents identified as primary work organizers. They are trapped together with ten mainland of Chinese citizens who allegedly served as accounts for scheme.

The preliminary financial analysis suggests that the organization funneled approximately HK is 118 million dollars through a network of more than 550 domestic bank accounts and crypto transactions.

The investigators currently monitored HK $ 10 million this property washing to 58 documented fraud cases. Also, the affected victims reported the total financial damage of HK $ 43.2 million.

The criminal network allegedly established an operational headquarters at the Mong Housing Unit at the beginning of 2024. This served as a recruitment of landlord, while they were awaited directives for processing incoming false transfers.

Law enforcement officials confirmed that they are committed to improved judicial penalties on individuals who provide their banking credentials for illegal financial activities. According to current Hong Kong regulations, money laundering judgments can result in maximum sentences of 14 years in prison and financial penalties to HK $ 5 million.

Cripto crimes and frauds are on the rise not only in Hong Kong, but also globally. Wellington’s man was arrested in Auckland in connection with the international investigation of cryptocurrency surgery. Surgery suspected she cheated on seven victims Approximately $ 265 million (NZD $ 450 million).