Police successfully dismantled a highly coordinated cross-border money laundering syndicate operating in Hong Kong since August, arresting 22 suspects including 2 local masterminds and 20 mainlanders. The operation unfolded over two days from November 10 to 11. Police seized approximately HK$5.85 million in cash, over 1,600 bank withdrawal cards, and over 200 mobile phones. Initial estimates suggest the gang had control over at least 390 local fraud cases, with around HK$18 million in fraud gains, and managed to launder over HK$150 million in criminal proceeds within just three months. Police noted the presence of mainlanders with double-entry permits opening puppet accounts for illicit gains. This led them to investigate a cross-border money laundering syndicate. The syndicate enticed mainlanders with double-entry permits to Hong Kong, where they were met by 'snakeheads' at shopping mall fast food outlets. Using phones provided by the syndicate, the mainlanders would open numerous local bank accounts immediately to receive various fraud gains and unclear funds. Subsequently, the syndicate would arrange for mainlanders with double-entry permits to come to Hong Kong to distribute withdrawal cards already loaded with dirty money, instructing them to move around different locations and ATMs at different banks to generate a dispersed pattern of activities. The 'mules' would collect cash at short-term rentals or hotels and later transport it to a virtual currency over-the-counter (OTC) exchange shop, a makeshift money laundering hub. There, the cash would be processed through the sale and purchase of virtual currencies by the local masterminds to whiten the money. Police conducted searches at a hotel, an efficiency flat, and a shop pretitled as a virtual currency OTC exchange, resulting in the arrest of 22 individuals, including 2 local masterminds and 20 mainlanders with double-entry permits, aged between 21 and 54. A large amount of evidence was seized, including over 1,600 bank withdrawal cards, approximately HK$5.85 million in cash, and over 200 mobile phones. Each mainlander could earn between HK$500 to HK$1,000 for selling a puppet account, while the 'mules' earned several hundred to HK$1,000 per day. Police stated that the arrested two masterminds were responsible for controlling the money laundering hub, with one person acting as the 'mule' to recruit cash withdrawers, distribute bank cards, pick up and transfer cash, and the rest serving as account recruiters, cash withdrawers, and puppet account holders. Based on the details from the police investigation and accounts controlled by the criminal gang, as well as the withdrawal cards seized during the operation, police recorded 390 local fraud cases involving around HK$18 million in gains, and believe the group laundered over HK$150 million in criminal proceeds between August and October.