Hong Kong police smash syndicate suspected of money laundering through virtual currency over-the-counter transactions, arresting 22 people
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AT A GLANCE
It is reported that the Hong Kong police arrested 22 people, alleging they were involved in laundering over 150000000 HKD through shell accounts and virtual currency transactions.
Article
Hong Kong police in China have dismantled a cross-border money laundering syndicate: laundered over 150000000 HKD in 3 months, arrested 22 people
BlockBeats news, November 11, Hong Kong police dismantled a cross-border money laundering syndicate that had laundered more than 150000000 HKD in criminal proceeds from August to October this year, and arrested 22 people. The New Territories North Regional Crime Unit launched a two-day operation codenamed "Thunder Net" starting on November 10, searching a guesthouse, a subdivided flat, and a shop disguised as a virtual currency over-the-counter trading platform. Police said the syndicate recruited mainland people to come to Hong Kong to open puppet accounts, then arranged personnel to withdraw cash from different ATMs using bank cards distributed by the group. The cash was then sent to the above-mentioned shop, where the mastermind laundered money through methods such as buying and selling virtual currency.
The 22 people arrested in the operation included 21 men and 1 woman, aged between 21 and 54, including two locals and 20 mainland Chinese holding two-way permits. Investigation showed that two local core members were responsible for controlling 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 recruiters, cash withdrawers, and puppet account holders. Police seized more than 1600 bank withdrawal cards, about 5850000 HKD in cash, and more than 200 mobile phones.
Original link https://m.theblockbeats.info/flash/376803
Key points
01
BlockBeats reported on November 11 that Hong Kong police said a cross-border money laundering group laundered more than 150000000 HKD in criminal proceeds between August and October this year.
02
The Crime Wing of New Territories North Regional Headquarters launched a two-day operation codenamed "Thundernet" starting from November 10, searching guesthouses, subdivided flats, and a shop disguised as an over-the-counter virtual currency trading platform.
03
Police said the syndicate recruited mainlanders to come to Hong Kong to open shell accounts, arranged for personnel to make withdrawals using bank cards, and then delivered the cash to shops, where the mastermind laundered the money through methods such as trading virtual currencies.
04
The operation arrested 22 people, including 21 men and 1 woman, aged between 21 and 54; among them were two locals and 20 mainland Chinese individuals holding two-way permits.
05
Police seized more than 1600 bank ATM cards, approximately 5850000 Hong Kong dollars in cash, and more than 200 mobile phones.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
According to the police account in the report, the group divided up account opening, withdrawals, cash transport and virtual currency buying and selling, and the shops were used as cover for money laundering. What is described here is what the police investigation found, not facts already confirmed by a court judgment.
Why it matters to readers
The case involves multiple links, including bank accounts, cash withdrawals and virtual currency transactions, highlighting the need to pay attention to money laundering risks disguised as over-the-counter trading shops; the materials are insufficient to illustrate the situation of the entire industry.
Beginners should note that the virtual currency transactions reported are part of a money laundering chain as described by police; this cannot be used to conclude that all over-the-counter transactions are involved in the case, nor can it be used to judge cryptocurrency price trends.
Risks and unknowns
The material is a media retelling and does not include the original police report, so the details of the investigation cannot be independently verified.
No outcome of prosecution, trial, or conviction has been provided; the alleged money laundering conduct still requires confirmation through judicial proceedings.
The name of the store involved, the specific virtual currency, or the trading platform was not disclosed, making it impossible to identify the specific project.
Related Developments
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It is impossible to judge the impact on the entire over-the-counter trading industry or virtual currency prices based on this.
Related concepts
Money Laundering
This term is not in the glossary yet. Browse related concepts in the glossary.
