China's Ministry of Public Security announced that mainland authorities and Hong Kong police jointly dismantled a major underground banking network operating across Guangdong and Hong Kong, arresting over 170 suspects. The investigation began in September 2025 after Hong Kong police detected abnormal cross-border transactions across multiple bank accounts.
The syndicate established numerous shell companies in both jurisdictions, laundering funds via counter-matching, fictitious trade, cash and gold smuggling, and cryptocurrency transactions to serve overseas gambling and telecom fraud rings. In a coordinated raid in May 2026, mainland police froze over 15 million RMB, while Hong Kong authorities apprehended the kingpin, surnamed Xie, along with two core members, seizing assets worth roughly HK$170 million.
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