According to the Hong Kong Commercial Report, Foresight News reports that the Hong Kong Police launched the "Night Raid" operation to dismantle a cross-border money laundering criminal group active in mainland China and Hong Kong. The money laundering group recruited mainland individuals to open bank accounts in Hong Kong for fraudulent cases, arranged them to withdraw cash, and then exchange it for cryptocurrency at virtual asset exchange shops to launder money. The operation resulted in the arrest of 12 men and women, involving criminal proceeds of 118 million yuan.
Senior Inspector Lo Wan-shan from the Hong Kong Commercial Crime Investigation Unit's Fraud Investigation Team stated that between July 2024 and May 2025, the criminal group recruited mainland individuals as puppet account holders, primarily used to receive proceeds from various types of fraud cases. During this period, they used over 500 bank accounts to launder 118 million yuan. Among this amount, 10 million yuan has been confirmed as proceeds from 58 reported fraud cases, in which victims suffered losses of approximately 43.2 million yuan.
