Hong Kong police smashed two money laundering groups using virtual currency, involving more than HK$200 million

After in-depth analysis, the law enforcement departments of Hong Kong, China, smashed three money laundering groups this month and successfully arrested 27 people. On the 19th and 20th of this month, the Hong Kong law enforcement departments took the "Weige" operation to target a money laundering group. During the period, 8 men and 3 women (aged 21 to 55) were arrested on suspicion of "money laundering" and "conspiracy to launder money", and about HK$460,000 in cash, mobile phones and bank cards of the arrested persons were seized. The arrested persons reported to be insurance brokers, salesmen, drivers and construction workers respectively. The case is still under investigation and more arrests are not ruled out. The investigating police pointed out that the group was suspected of using at least 43 local bank accounts to collect more than HK$20 million in fraudulent funds and laundering about HK$200 million in criminal proceeds between March last year and May this year. In order to evade investigation, the group members used a large number of account transfers and made multiple cash withdrawals to go to the local virtual asset trading platform to buy virtual currency in an attempt to launder the black money. In addition, the law enforcement department locked a money laundering group in May this year and revealed that the group controlled 7 local bank accounts and laundered the criminal proceeds from illegal online gambling platforms in Southeast Asia from May to July, involving HK$13 million. After the black money was transferred into the account, the group members would use bank ATMs to withdraw money to buy virtual currency. On the 27th and 28th, the police carried out an operation codenamed "Ghost Hero" and arrested 7 men and 2 women (aged 19 to 38) on suspicion of "money laundering" or "conspiracy to launder money", and seized HK$490,000 in cash, 37 mobile phones and 120 bank cards. According to data, in the first half of this year, the law enforcement department arrested 5,693 people for money laundering-related crimes, a 40% increase over the same period last year; 4,465 of them were puppet account holders, accounting for 78% of the arrested persons. (East Net)