Hong Kong authorities have arrested a group of 12 people linked to an international criminal organization. It is alleged that the group laundered more than $15 million using cryptocurrencies and hundreds of fake bank accounts.

The Hong Kong Police Force reported that the suspects, comprising nine men and three women aged between 20 and 40, were captured in simultaneous operations conducted in different parts of the city.

The criminal syndicate based in Hong Kong is accused of moving around HK$118 million (equivalent to $15 million) through over 550 fraudulent bank accounts and virtual currency platforms.

Investigators found that the suspects acquired or leased personal information and bank accounts from local residents and individuals in mainland China to execute their illegal activities.

During the raids, the police seized over HK$1.05 million ($134,000) in cash, 560 ATM cards, several mobile phones, and a large number of financial records.

The group is said to have focused on individuals from mainland China, assisting them in setting up dummy accounts in traditional and digital banks in Hong Kong.

Chief Inspector Lo Yuen-shan mentioned that the syndicate had been operating from an apartment in Mong Kok since mid-2024. Mainland recruits were stationed there and received instructions to process illicit funds routed into the dummy accounts.

The suspects allegedly used virtual asset exchanges to conceal the origins of the funds once they were deposited into these accounts. They have been formally charged with conspiring to launder money.

This law enforcement action is part of ongoing efforts to combat cryptocurrency-related crimes in the region. Previously, in October 2024, Hong Kong police dismantled a similar multinational operation that scammed victims of over HK$360 million ($46 million) through romance and pig butchering frauds.

The ring recruited college graduates with technological expertise and collaborated with foreign cybercriminals to create fake investment platforms.

Officials believe these measures will help establish Hong Kong as a center for digital assets and safeguard its residents.

During a recent meeting with Qatari officials, Hong Kong legislator Johnny Ng highlighted the city's potential to lead in Web3 and crypto innovation. He underscored the "one country, two systems" setup, its legal framework, and global talent pool as key strengths for supporting global expansion and business development.