Hong Kong gang leader "Xiao B" was arrested on suspicion of laundering HK$40 billion, part of which was used to purchase virtual assets

Odaily Planet Daily reported that the Hong Kong police recently launched a large-scale anti-gang operation code-named "Ambush Arrow", raiding many locations across Hong Kong, dismantling a criminal network suspected of being involved in the circulation of nearly 40 billion Hong Kong dollars in black money, and arrested 82 suspected triad members and related persons, including a 44-year-old gang leader. According to reports from "Hong Kong 01" and other Hong Kong media, this person is the current leader of the Sun Yee On, Chen Xiaolian, nicknamed "Little B". Among those arrested are "Little B's" parents, cousins, aunts and other relatives.

During the operation, the police froze HK$1.13 billion and seized assets worth more than HK$15 million, including HK$8.26 million in cash, about 1,100 bottles of high-end wines, expensive watches, handbags, gold bars and a large number of bank documents, with a total value of more than HK$7 million.

The police investigation revealed that the trust company maintained several different bank accounts. Large amounts of funds of unknown origin were transferred into the trust company's bank accounts through various shell companies, and then quickly transferred to multiple personal accounts. Some of the funds were used to purchase virtual assets or to pay off the personal credit card bills of the trust company's directors, including luxury goods such as designer handbags, watches, and jewelry. (Caixin)