Hong Kong police crack down on virtual currency money laundering case involving HKD 230 million

The Hong Kong police have uncovered a money laundering case using puppet accounts and virtual currency exchange shops. Two mainland Chinese men and women went to Hong Kong to open puppet accounts, collected 34 fraudulent cases through 43 local bank accounts, and purchased cryptocurrency from virtual asset exchange shops, clearing approximately HKD 17.3 million in criminal proceeds. The criminal group conducted cryptocurrency transactions through local bank accounts, laundering up to HKD 230 million. The two were charged with 3 and 10 counts of money laundering respectively, and the court sentenced them to 28 months and 43 months in prison, respectively.