Hong Kong police have conducted a large-scale operation resulting in the detention of 12 individuals suspected of money laundering using cryptocurrency.
Money Laundering Scheme
The detainees are accused of laundering about 118 million Hong Kong dollars (approximately 15 million USD) through traditional banks and over-the-counter exchanges. The illicit money was obtained through various fraudulent activities and converted into cryptocurrency to obscure its origin.
Operation in Hong Kong
Initiated by Hong Kong's Commercial Crime Bureau, the operation executed simultaneous raids in several locations. Police confiscated approximately 1.05 million Hong Kong dollars in cash, over 560 ATM cards, and various electronic devices and financial documents.
Authorities' Statements
Hong Kong police representatives noted that the syndicate's activity demonstrates a new dimension of fraud linked to cryptocurrency use. They also highlighted the technical challenges encountered during the investigation, citing an increase in criminal cases involving cryptocurrencies.
The incident emphasizes the need for increased oversight of cryptocurrency exchanges and financial institutions to prevent similar crimes in the future.
