Mainland China and Hong Kong Police Dismantle Cross-Border Underground Banking Ring

Police in mainland China and Hong Kong conducted a joint operation in May, arresting over 170 suspects involved in a cross-border underground banking syndicate. The group utilized shell companies, fake trade, gold smuggling, and cryptocurrency transactions to facilitate illegal fund transfers for gambling and fraud. Authorities froze approximately 2.2 million USD in funds and seized assets valued at roughly 22 million USD.