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According to local officials, the joint operation led to the arrest of 12 individuals, including two Hong Kong-based ringleaders and ten accomplices from mainland China. The suspects, aged between 20 and 42, allegedly opened hundreds of fraudulent bank and crypto accounts to obscure the source of illicit funds.
The group is believed to have used over 500 shell accounts—many created in both conventional and digital banking platforms—to funnel money into crypto exchange shops. The process involved layering the transactions and ultimately converting the cash into cryptocurrency, making the funds harder to trace.
Superintendent Shirley Kwok of the Commercial Crime Bureau stated that participants were directed to use multiple bank cards to withdraw and move funds, which were then laundered through virtual asset outlets across the city.
At least $1.3 million of the seized funds has already been linked to dozens of scams—58 in total—according to police. Fraud-related activity in Hong Kong continues to rise, with authorities noting a 12% increase in such cases year-over-year, and more than 10,000 arrests connected to fraud schemes.
As Hong Kong pushes forward with its ambition to become a global digital asset hub, the city’s law enforcement is tightening its grip on financial crime to maintain regulatory integrity in the growing crypto economy.
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