Hong Kong Police Uncover Major Fraud and Money Laundering Operation

According to PANews, Hong Kong police conducted a significant operation named 'Sovereign' from March 10 to 19 in the Yau Tsim District, targeting fraud and money laundering activities. The operation led to the resolution of 45 cases and the arrest of 54 individuals, with total losses amounting to HKD 194 million. The most significant case involved an online investment scam in virtual currency, resulting in a loss of HKD 72 million. The victim, a foreign national, was deceived into investing in virtual currency and transferring funds to a designated bank account. Following investigations, police arrested two suspects, aged 30 and 34.