ChainCatcher reports that, according to Hong Kong media Hong Kong 01, Hong Kong police have uncovered a money laundering case involving the use of puppet accounts and virtual currency exchange shops. It is understood that two mainland Chinese individuals opened puppet accounts in Hong Kong, using 43 local bank accounts to receive 34 fraudulent payments from different scams, and purchased cryptocurrencies at virtual asset exchange shops, laundering approximately HKD 17.3 million in criminal proceeds.
Analysis of the fund flow shows that the criminal group conducted cryptocurrency transactions through local bank accounts, laundering up to HKD 230 million. Hong Kong police charged the two individuals with 3 and 10 counts of money laundering respectively. After reviewing the case, the court approved increased sentences, sentencing them to 28 months and 43 months in prison respectively.
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