Mainland Chinese public security authorities and Hong Kong police have dismantled a cross-border underground banking syndicate that allegedly used several channels, including virtual currency transactions, to move funds illegally. More than 170 suspects were arrested in the joint operation, according to a Techub News brief citing Wu Blockchain.
Authorities said the group built illicit cross-border transfer routes through offshore and onshore matching arrangements, fake trade activity, cash and gold smuggling, and crypto trading. Police said those channels were used to provide cross-border fund transfer services for crimes involving gambling and fraud.
During the operation, mainland authorities froze more than 15 million yuan in funds linked to the case. Hong Kong police separately seized assets worth about HK$170 million. The report did not disclose additional details on the specific cryptocurrencies involved or the time span of the alleged activity.
Mainland Chinese public security authorities and Hong Kong police have dismantled a cross-border underground banking group, with more than 170 criminal suspects arrested, according to Techub News.
Authorities said the syndicate created illegal channels for moving money through offshore and onshore matching arrangements, fake trade, cash and gold smuggling, and virtual currency transactions. Police said those channels were used to provide cross-border fund transfer services for crimes related to gambling and fraud.
During the operation, mainland authorities froze more than 15 million yuan in case-related funds, while Hong Kong police seized assets worth about HK$170 million.
The Techub item cited Wu Blockchain as the source.
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