Hong Kong police have arrested 12 individuals, comprising nine men and three women, in connection with a $15 million money laundering operation involving both cash and cryptocurrency. The syndicate used over 500 bank accounts and was linked to 58 fraud cases. Authorities seized hundreds of ATM cards as part of the crackdown. The group recruited mainland Chinese nationals to open shell accounts that facilitated the laundering of illicit funds. The operation processed approximately HK$118 million (US$15 million) in illicit funds through a cross-border crypto laundering network.