Ministry of Public Security and Hong Kong Police Crack Down on Cross-Border Underground Banks, Arrest Over 170 Suspects

The Ministry of Public Security of China announced that in May this year, it directed public security agencies in Guangdong and other regions to conduct a unified crackdown operation in collaboration with the Hong Kong police, dismantling a cross-border underground bank criminal gang. More than 170 criminal suspects were arrested, over 15 million yuan in illicit funds were frozen, and various assets worth approximately 170 million Hong Kong dollars were seized. The case traces back to September 2025, when the Hong Kong police discovered abnormal cross-border fund data in certain bank accounts and requested assistance from the mainland. The Economic Crime Investigation Bureau of the Ministry of Public Security immediately formed a special task force. Investigations revealed that the gang established shell companies in both the mainland and Hong Kong, creating illegal fund transfer channels through methods such as domestic and foreign matching, false trade, cash gold smuggling, and virtual currency transactions, providing cross-border fund transfer services for crimes related to gambling and fraud, with a huge amount of money involved. During the crackdown operation, the Hong Kong police arrested the main suspect, Xie, and two key members of the gang. The Ministry of Public Security stated that it will further strengthen law enforcement cooperation with the Hong Kong police to severely combat various types of cross-border economic crimes and maintain the economic and financial order of the Guangdong-Hong Kong-Macao Greater Bay Area.

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