Ministry of P2026-10-01 09:19:00China’s Ministry of Public Security says mainland and Hong Kong police dismantled cross-border underground banking ring tied to crypto tradesChina’s Ministry of Public Security said police in Guangdong and other mainland regions, working with Hong Kong police, dismantled a cross-border underground banking criminal group in a coordinated operation launched in May, according to Xinhua and cited by PANews on Oct. 1. Authorities said the group had been operating across Guangdong and Hong Kong. The case involved more than 170 criminal suspects, with over 15 million yuan in funds frozen. Police also seized assets linked to the case worth about HK$170 million. The ministry said the group set up shell companies in the mainland and Hong Kong and used a mix of methods to build illegal channels for moving money across borders. Those methods included onshore and offshore matching transactions, fake trade activity, cash and gold smuggling, and virtual currency transactions. Authorities said the network provided cross-border fund transfer services for crimes related to gambling and fraud. The statement did not disclose further operational details beyond the scale of the arrests, frozen funds, and seized property.30
Hong Kong Pol2026-09-29 14:23:25Mainland China and Hong Kong police bust cross-border underground banking ring tied to crypto transfersMainland 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.150
Hong Kong Pol2026-08-16 08:12:56Hong Kong police report HK$3.5 billion in fraud losses in first half, with one crypto case costing HK$84 millionHong Kong police said the city recorded 20,613 fraud cases of all types in the first half of the year, with total losses of about HK$3.5 billion. Among them, 2,151 were investment scam cases, accounting for roughly one-tenth of all fraud reports but causing HK$1.66 billion in losses. Police disclosed that one crypto-related investment scam alone led to losses of about HK$84 million. In that case, the victim was lured into making investments and transferred crypto assets into an electronic wallet provided by the other party, only to realize the fraud after being unable to withdraw the assets. Police also updated the status of the JPEX virtual asset fraud case, which remains under investigation. The case now involves about 2,800 victims and losses of about HK$1.6 billion. Since 2023, law enforcement authorities have arrested 81 people, with 29 charged with offenses including conspiracy to defraud, money laundering, and perverting the course of justice, according to Ming Pao as cited by Odaily.1050
Hong Kong Pol2026-08-16 04:41:26Hong Kong police arrest 17 in phone scam case, seize HK$3.67 million in cashHong Kong police said they arrested 17 people in an operation codenamed "Flash Raid," including 14 men and three women aged between 20 and 54. The group included 13 Malaysians and four local residents, and officers searched three locations and seized HK$3.67 million in cash that police believe were crime proceeds. According to police, the scam ring recruited Malaysians from outside Hong Kong, arranged flights and accommodation, and used them as couriers. The suspects allegedly targeted elderly victims by posing as relatives, falsely claiming they had been arrested and needed bail money, then sending couriers to collect cash. Police said the group collected HK$4.67 million in fraudulent payments between June 4 and Aug. 14. The case involved 22 victims, with reported losses totaling HK$2.47 million. On Aug. 14, police separately arrested five more people, including four local residents and one Malaysian man, and recovered HK$200,000 in scam proceeds. Police also warned that some foreign exchange or virtual asset exchange shops had been used to process or move illicit funds.1020
virtual curre2026-08-05 05:03:46Hong Kong and Macau Police Joint Operation Dismantles Crypto Investment Fraud RingHong Kong and Macau police launched a joint cross-border operation code-named "Junli" from Aug 1 to Aug 3, dismantling a fraud syndicate that lured victims under the guise of virtual currency investment. Hong Kong's Commercial Crime Bureau arrested one man and five women, aged 51 to 64, on conspiracy to defraud charges; those held included company directors, shareholders, secretaries and promotional members. Macau's Judiciary Police separately arrested two women on aggravated fraud charges. As of Aug 3, Hong Kong police had received 225 fraud reports involving losses of about HK$94 million, while Macau police logged nine complaints with losses of about MOP 3.6 million. Combined reported losses exceed 97 million across both currencies.1780
Hong Kong Pol2026-08-03 04:37:46Hong Kong police say local insurance worker lost more than HK$26 million in crypto romance scamHong Kong police said a local insurance professional lost more than HK$26 million, or about $3.3 million, after falling victim to a fake cryptocurrency investment romance scam, according to The Block. The case was cited in a ChainCatcher newsflash. The reported victim was described as a local insurance practitioner. Police said the total losses exceeded HK$26 million. The dollar equivalent given in the report was about $3.3 million. No further details were provided in the brief report about the timeline, suspects, or the mechanics of the scam.1880
Hong Kong Pol2026-08-03 03:57:18Hong Kong police report 25 pig-butchering scams in one week with losses near HK$70 millionHong Kong police said 25 romance-linked investment scam cases were recorded between July 24 and July 30, with total losses approaching HK$70 million, or about $9 million. One insurance agent alone lost about $3.3 million after being lured into investing through a fake cryptocurrency app. According to the police, these pig-butchering schemes typically begin on dating or social platforms, where scammers build emotional trust before directing victims to download bogus trading apps. The interfaces are designed to imitate well-known exchanges and display fabricated profits. By the time victims try to withdraw funds, the money can no longer be recovered. Hong Kong police added that online investment fraud has recently become the category with the largest monetary losses among reported cases.450
Hong Kong SFC2026-08-01 11:27:00Hong Kong watchdog flags Fun Coffee as suspicious investment product after reported collapseChainCatcher, citing Hong Kong 01, reported that Fun Coffee, a company describing itself as rooted in Vietnam, entered the Hong Kong market at the end of 2025 and was warned by the Hong Kong Securities and Futures Commission in July 2026 as a suspicious investment product. The report said the business presented itself as a coffee investment venture but was in fact a virtual asset investment scam that advertised annual returns of as much as 222% before collapsing at the end of July. Victim groups were said to include more than 370 people, with several investment chat groups totaling about 4,000 members and alleged losses exceeding HK$1 billion. Hong Kong police said they had received 115 reports, and the case has been handed to the Commercial Crime Bureau’s fraud investigation unit. The report also said Vietnam’s Ministry of Public Security had issued a warning in May, describing the scheme as suspected of being a Ponzi operation.2420
