Hong Kong Police Bust $15 Million Crypto Money Laundering Ring
- 12 suspects arrested for laundering HK$118 million via crypto exchanges.
- Funds linked to 58 fraud cases, totaling HK$43.2 million in losses.
- Police seize over HK$1 million in cash and 560+ ATM cards in raids.
Hong Kong police have arrested 12 individuals linked to a cross-border money laundering syndicate. The group laundered about HK$118 million (US$15 million) through several bank accounts and crypto exchange shops. The syndicate converted the funds into cryptocurrency which has raised concerns even as the city continues to fight financial crime.
The operation led to the arrest of 2 individuals, who led the syndicate, in Hong Kong and the other ten members from mainland China . The individuals are aged between 20 to 42…
