The Hong Kong Police Force, through close collaboration with the banking industry, has identified a cross-border money laundering group operating in Hong Kong and mainland China, and launched a "Sinking" arrest operation. During the operation, police arrested 11 men and 3 women, aged 23 to 50, on suspicion of "conspiracy to launder money," involving an amount exceeding HK$18 million. Analysis of the money flow revealed that the suspects, between June and September this year, used local bank accounts and conducted cryptocurrency transactions to launder a total of HK$231 million.

Superintendent Law Wan-san of the Commercial Crime Bureau's Fraud Investigation Team said that since August, through collaboration with banks, the analysis and in-depth investigation of suspicious bank accounts revealed that the cross-border group allegedly utilized 43 local accounts to receive funds from 34 fraud cases in Hong Kong, including job scams, telephone scams, and investment scams, totaling HK$18 million.