Hong Kong police have dismantled a cross-border criminal syndicate that laundered over HK$150 million through virtual currency OTC channels between August and October 2026, arresting 22 suspects aged 21 to 54. The group recruited mainland individuals holding two-way permits to open puppet bank accounts in Hong Kong for receiving criminal proceeds. The operation followed a clear division of labor: cash-withdrawal operatives used syndicate-distributed bank cards to withdraw funds from ATMs at multiple locations and banks, after which runners transported the cash to OTC shops where it was laundered through buying and selling virtual currencies. All 22 arrested individuals—21 men and one woman—are believed to have played specific roles within the structured laundering network.