Two Mainland Individuals Used Mule Accounts and Cryptocurrency to Launder a Total of HK$230 Million, Sentenced to 28 and 43 Months Respectively

Odaily News Hong Kong's Commercial Crime Bureau launched an operation codenamed "Strike Down" in September 2024, uncovering a cross-border money laundering syndicate. Two individuals from Mainland China, a man and a woman, came to Hong Kong and opened multiple mule accounts at local digital banks. These accounts were used to receive proceeds from fraud cases. The funds were then transferred to traditional bank accounts to withdraw cash and used to purchase cryptocurrencies at virtual asset exchange shops to conceal the source and destination of the funds. Between August and September 2024, the pair laundered approximately HK$17.3 million in criminal proceeds. During the same period, the syndicate conducted cryptocurrency transactions through Hong Kong bank accounts, with the total amount laundered reaching up to HK$230 million. The two were convicted of money laundering charges in the District Court today. Their sentences were increased by approximately 20%, resulting in prison terms of 28 months and 43 months respectively.