Hong Kong police bust cross-border money laundering syndicate involving crypto OTC laundering of HK$150 million

Hong Kong police dismantled a cross-border money-laundering syndicate that funneled about HK$150 million through a cryptocurrency over-the-counter (OTC) shop between August and October 2025, arresting 22 people aged 21 to 54 in a two-day operation codenamed "Thunder Net" that began November 10. The group recruited mainland Chinese visitors to open傀儡, or nominee, bank accounts in Hong Kong, withdrew cash using cards supplied by the syndicate, and delivered the proceeds to an OTC store run by the ringleader, who laundered the funds through crypto trading. Two local kingpins allegedly ran the laundering hub, while one mainland runner recruited withdrawers, distributed bank cards and moved cash; the remaining 19 mainlanders served as account-opening scouts, withdrawers and account holders. Officers searching a guesthouse, a subdivided flat and the OTC shop seized more than 1,600 bank cards, about HK$5.85 million in cash and over 200 mobile phones. The case highlights how Hong Kong's crypto OTC sector remains a key channel for cross-border dirty money, and watchers will look for tighter licensing and KYC enforcement on physical OTC shops.