Hong Kong police have cracked down on three groups involved in Virtual MoneyMoney Laundering, with a total amount involved exceeding 300 million Hong Kong dollars and 27 people detained.

Jinse Finance reported that Hong Kong law enforcement agencies recently launched anti-money laundering operations codenamed Weige, Heinao, and Youxia based on intelligence and analysis. They have cracked down on three money laundering groups and arrested 27 people aged 19 to 55 this month. Investigating officers said that in March this year, Hong Kong law enforcement agencies received a request for investigation from the Singapore authorities, which involved more than 30 fraud cases in Singapore. After multiple transfers, approximately 30 million yuan of fraudulent funds flowed into dummy accounts in Hong Kong. The investigators pointed out that a certain group used a large number of accounts for transfers and made multiple cash withdrawals to evade investigation, and they purchased Virtual Money on the local virtual asset trading platform. Hong Kong police also disclosed data that in the first half of this year, law enforcement agencies arrested 5,693 people for money laundering crimes, a 40% rise compared to the same period last year; among them, 4,465 people were dummy account holders, accounting for 78% of the arrested individuals.