Hong Kong Police "Operation Strategem" Arrests 682, Uncovers HK$44 Million Virtual Currency Money Laundering Syndicate

Odaily News: Hong Kong police disclosed a territory-wide law enforcement operation targeting fraud, cybercrime, and money laundering offenses, codenamed "Operation Strategem," conducted over the past three weeks. A total of 682 individuals were arrested on charges including conspiracy to defraud, obtaining property by deception, and money laundering. The cases involve 580 fraud and technology crime incidents, with funds involved amounting to HK$620 million. In a separate operation codenamed "Operation Netwar" led by the Cyber Security and Technology Crime Bureau, a local online romance scam syndicate and a virtual currency money laundering group were dismantled. This syndicate defrauded 314 victims of a total of HK$44 million over the past 16 months, with an average loss of approximately HK$150,000 per case. (HK01)