Hong Kong police dismantled a cryptocurrency money laundering group, arresting 22 people, with the amount involved reaching 150 million Hong Kong dollars over 3 months

According to Hong Kong media Ming Pao, the Hong Kong police dismantled a cross-border criminal group that used virtual currency over-the-counter (OTC) channels for money laundering, arresting 22 people, including 21 men and 1 woman, aged between 21 and 54.

The police investigation revealed that the group had been active since August this year, recruiting mainland individuals to come to Hong Kong to open puppet bank accounts, withdraw cash from criminal proceeds, and then transfer the funds to virtual currency OTC shops operated by the group. They laundered the money through buying and selling virtual currencies, with the police estimating that the group laundered over 150 million Hong Kong dollars from August to October this year alone.

It is reported that the group had clear divisions of labor, first arranging for mainland individuals holding two-way permits to come to Hong Kong to open online bank accounts for receiving criminal proceeds. They then recruited cash withdrawal personnel who used bank cards distributed by the group to withdraw cash from ATMs at different locations and banks, which was then collected and transported by runners to the OTC shops to complete the money laundering.