TechFlow reported that on September 27, according to the Sing Tao Daily, the Hong Kong Wong Tai Sin District Criminal Division arrested 25 men and women in a cryptocurrency-related fraud and money laundering operation. The law enforcement operation, code-named "Joint Fight," was carried out from September 19 to 26 and successfully dismantled a local group that used cryptocurrency for money laundering. Police investigations found that the group was involved in at least 39 fraud cases, with a fraud amount of more than HK$7 million.
According to the police report, the 25 arrested persons include a mastermind and three core members, as well as 21 people who hold puppet accounts. They are charged with obtaining property by deception and money laundering. During the operation, the police also seized more than 20 electronic devices and cryptocurrency cold money related to the case.
The police said that the group has been operating since May 2023, using fake identities to open bank and cryptocurrency trading accounts and obtain victims' funds through different types of fraud. The victims ranged in age from 19 to 72, including clerks, students and housewives, and the amount of losses ranged from HK$3,000 to HK$1.6 million.