Internet reports that the Hong Kong police launched a code-named night crackdown operation to destroy 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's bank accounts to benefit from fraud cases, and were then arranged to withdraw money from banks. Cash was taken to a virtual asset exchange shop to exchange for cryptocurrency laundering. During the operation, 12 men and women were arrested, involving 118 million yuan in criminal proceeds. Law Wan-shan, Chief Inspector of the Fraud Investigation Team of the Commercial Crime Bureau of Hong Kong, said that from July 2024 to May 2025, criminal gangs recruited mainlanders to Hong Kong as puppet account holders, and the accounts were mainly used to receive criminal proceeds from different types of fraud cases. During this period, more than 500 bank accounts were used to launder 118 million yuan. Among them,$10 million has been confirmed to be part of the criminal proceeds from 58 reported fraud cases, and the victims lost approximately $43.2 million in these 58 fraud cases.