Hong Kong Police Collaborate with Nine Countries to Combat Cross-Border Fraud

Hong Kong police have announced a joint operation with law enforcement agencies from Singapore, South Korea, Thailand, and six other countries and regions to tackle cross-border fraud and money laundering activities. According to Odaily, the operation took place from March 10 to May 7, resulting in the arrest of 3,018 individuals involved in over 138,000 fraud cases, with total losses amounting to approximately $752 million. During the operation, authorities froze 101,989 bank accounts and intercepted around $161 million in fraudulent funds. Hong Kong police arrested 870 individuals and intercepted approximately HKD 539 million. In the largest case, a Singaporean company was defrauded of $36 million, with the funds distributed across multiple bank accounts in Hong Kong and other regions. About half of the amount was converted into stablecoins and transferred to various virtual asset wallets, with police successfully freezing $20 million of these funds.