Hong Kong police smash money laundering group through virtual asset exchange shops, involving a total amount of 118 million yuan According to the Hong Kong Business Daily, the Hong Kong police launched a code name night crackdown operation to dismantle an active money laundering border criminal group between mainland China and Hong Kong. The involved money laundering group recruited mainlanders to Hong Kong bank accounts and profited from fraud cases, And then they were arranged to withdraw money from the bank and bring the cash to a virtual asset exchange shop to exchange for cryptocurrency for money laundering. During the operation, 12 men and women were arrested, involving 118 million yuan in criminal proceeds. Governor of the Fraud Investigation Division of the Hong Kong Commercial Crime Bureau, Chau Wan Shan, stated that between July 2024 and May 2025, criminal groups recruited mainlanders to come to Hong Kong as puppet account holders, whose accounts were mainly used to receive criminal proceeds from different types of fraud cases. During this period, over 500 bank accounts were used to clear 118 million yuan. Among them, 10 million yuan has been confirmed to be part of the criminal proceeds obtained from 58 reported fraud cases, and the victims lost approximately 43.2 million yuan in these 58 fraud cases.