SCMP reported that Hong Kong’s Commercial Crime Bureau arrested nine men and three women, aged 20 to 40, during raids on Thursday, seizing HK$1.05 million in cash, over 560 ATM cards, mobile phones, and bank documents. The suspects face charges of conspiracy to commit money laundering.

Fraud-related crimes have surged in Hong Kong, with nearly 95,000 criminal cases reported last year—almost half linked to fraud. Authorities identified 73% of 10,000 fraud-related arrests in 2024 as holders of “shell accounts” used to conceal illegal proceeds.

Superintendent Shirley Kwok Ching-yee stated the syndicate recruited mainland Chinese nationals starting July 2023 to open shell accounts at traditional and digital banks. The accounts allegedly received illicit funds from fraud schemes, she explained to the press.

The Superintendent stated:

These people were also arranged to use other bank cards to withdraw cash and then transport the funds to some virtual asset exchange stores to convert them into cryptocurrency as a means of laundering money.

The case follows a separate U.S. crackdown charging 12 individuals in a $263 million cryptocurrency theft and laundering conspiracy involving hacking and luxury purchases from 2023 to 2025. In that specific case, the U.S. Department of Justice (DOJ) asserted that members of the alleged conspiracy carried on their operations even after some were arrested.

In the Hong Kong case, Commercial Crime Bureau authorities emphasized stricter sentencing for those renting or selling personal bank details, signaling intensified efforts to combat financial crimes, SCMP reporter Cannix Yau noted. Last year, the Hong Kong Technology Crime Police Advisory Group sounded the alarm on the growing prevalence of criminal activity tied to digital assets. Their warning highlighted an unsettling trend in tech-enabled financial malfeasance.

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