On December 8th, the Hong Kong police conducted an anti-money laundering operation codenamed “Operation Hammer” and “Operation Attack,” resulting in the arrest of 12 individuals. They are suspected of laundering approximately HKD 30 million through large cash withdrawals and virtual currency transactions, linked to fraud cases.
The police observed a significant influx of proceeds from fraudulent activities into local bank accounts between January and October of this year. The Financial Intelligence and Investigation Bureau conducted an in-depth investigation, uncovering proceeds from 32 local and overseas telephone scams and investment frauds flowing into 54 local bank accounts. Victims suffered losses totaling HKD 97 million, with the highest amount involved in a single case exceeding HKD 2.4 million.
After the investigation, a local money laundering criminal group was identified. The group recruited friends and family to open numerous bank accounts. Through mobile dating applications, they lured victims with high-return investment plans, convincing them to transfer funds to the implicated bank accounts. Once the fraudulent funds were received, group members quickly withdrew large amounts of cash, purchased virtual currencies, and engaged in repeated buying and selling to conceal the source of the funds.
In a recent raid at multiple locations, including two virtual currency investment companies, the police arrested 5 men and 7 women. The individuals, aged between 20 and 45, are suspected of conspiring to launder money, with one person facing charges of obstructing police duties. Approximately HKD 1.2 million in cash, over 25 bank cards, multiple smartphones, and computers were seized during the operation. The 12 individuals are currently under police custody, and further arrests are not ruled out.