According to a Hong Kong Special Administrative Region government press release, from March 10 to May 7, Hong Kong Police, in collaboration with law enforcement agencies from nine countries and regions including Singapore, South Korea, and Thailand, conducted a crackdown on cross-border fraud and money laundering, resulting in 3,018 arrests related to 138,000 fraud cases with total losses of approximately $752 million USD (about HK$5.89 billion). The operation froze 102,000 bank accounts and intercepted approximately $161 million USD (about HK$1.26 billion) in fraudulent funds. Among these, Hong Kong Police arrested 870 individuals and intercepted approximately HK$539 million in funds. The largest case involved a Singaporean company defrauded of $360 million USD (about HK$2.8 billion), part of which was converted into stablecoins; authorities successfully froze $200 million USD.
Hong Kong Collaborates with 9 Countries to Combat Cross-Border Fraud, Freezes 102,000 Accounts
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Summary
Hong Kong police, in coordination with law enforcement from Singapore, South Korea, Thailand, and six other countries, launched a cross-border crackdown from March 10 to May 7. The operation resulted in the arrest of 3,018 suspects linked to 138,000 fraud cases, causing losses of approximately $752 million (HK$58.9 billion). Authorities froze 102,000 accounts and recovered around $161 million (HK$12.6 billion). Hong Kong police arrested 870 individuals and seized HK$539 million. In one major cryptocurrency case, a Singapore-based firm lost $36 million (HK$280 million), with $20 million frozen by police.
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