Hong Kong and Mainland Police Arrest 69 in HK$200 Million Money Laundering Case
A joint operation followed an investigation into a cryptocurrency romance-investment scam that led police to 173 other victims and more than 100 suspected mule accounts.
Hong Kong and mainland Chinese police have arrested 69 people in a joint operation targeting a suspected cross-border fraud and money laundering syndicate.
The suspects, comprising 54 men and 15 women aged between 18 and 60, were arrested on 22 June during an operation code-named “Warrior.” Police said the syndicate handled approximately HK$200 million in suspected criminal proceeds.
Investigation began with investment scam
The investigation began after police received a report in May from a mainland Chinese woman who had lost approximately HK$10 million in a romance-investment scam.
The fraudsters persuaded her to download a fake cryptocurrency investment application by promising high returns. Between March and May, she transferred money to 10 Hong Kong bank accounts, sent virtual assets and delivered gold in person on the mainland.
The scammers initially returned approximately HK$970,000 to the victim, encouraging her to invest additional funds.
Hong Kong’s Anti-Deception Coordination Centre traced the transactions and intercepted approximately HK$4.7 million.
Funds transferred through mule accounts
Police found that the 10 initial Hong Kong accounts transferred the victim’s money to 106 second-layer bank accounts.
Investigators subsequently identified 116 suspected account holders. They included 98 mainland Chinese residents, 17 Hong Kong residents and one Indonesian passport holder.
Further investigation uncovered 173 additional victims connected to the suspected syndicate. Their combined losses were estimated at approximately HK$200 million.
Police also prevented further losses of about HK$9 million by contacting potential victims.
The investigation remains ongoing.
