PANews reported on May 17 that according to the Hong Kong Commercial Daily, the Hong Kong police launched a code-named night raid operation to smash a money laundering border criminal group active in the Mainland and Hong Kong. The money laundering group involved recruited mainlanders to come to Hong Kong bank accounts to profit from fraud cases, and then arranged to withdraw money from banks and take the cash to virtual asset exchange shops to exchange for cryptocurrencies to launder money. During the operation, 12 men and women were arrested, involving criminal proceeds of 118 million yuan.

Chief Inspector of the Fraud Investigation Division of the Hong Kong Commercial Crime Bureau, Ms. Cha Yuen-shan, said that from July 2024 to May 2025, criminal groups recruited mainlanders to come to Hong Kong as puppet account holders, and the accounts were mainly used to receive criminal proceeds from various types of fraud cases. During this period, more than 500 bank accounts were used to launder 118 million yuan. Among them, 10 million yuan has been confirmed to be part of the criminal proceeds from 58 reported fraud cases, and the victims lost about 43.2 million yuan in these 58 fraud cases.