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Under the command of the Ministry of Public Security (MPS), Chinese Mainland public security authorities have joined hands with the Hong Kong Police Force to take down a cross‑border underground banking syndicate in South China’s Guangdong and Hong Kong Special Administrative Region (HKSAR), the Xinhua News Agency reported on Tuesday.
 
In a coordinated crackdown in May, Mainland police froze more than 15 million yuan ($2.23 million) in funds linked to the case, while Hong Kong police seized assets worth about HK$170 million ($21.7 million), according to the MPS.
 
In September 2025, Hong Kong police detected abnormal cross‑border fund flows in several local bank accounts and sought assistance from mainland law‑enforcement authorities. The Economic Crime Investigation Bureau under the MPS subsequently set up a special task force to investigate the case.
 
Subsequent investigations found that the criminal group registered shell companies both on the mainland and in HKSAR. Leveraging Guangdong’s geographic proximity to Hong Kong, the gang set up illegal cross-border fund‑transfer channels.
 
The group allegedly transferred money through methods including "mirror settlement" inside and outside the mainland, fictitious trade, cash and gold smuggling, and virtual currency transactions. The network provided cross-border fund transfer services for criminal activities including gambling and fraud, involving large amounts of money, the MPS said.  
 
During the operation, mainland police froze more than 15‑million‑yuan illicit funds and seized large quantities of tools used in the crimes, including mobile phones and bank cards. Meanwhile, Hong Kong police arrested the alleged ringleader and two core members of the group and seized assets valued at about HK$170 million. The MPS said the operation has completely dismantled the cross-border underground banking network.
 
An official with the MPS' told media that mainland police have deepened law‑enforcement cooperation with Hong Kong counterparts against cross‑border economic crimes in recent years, creating strong deterrence against such offences.
 
According to the official, mainland public‑security bodies will further strengthen collaborative law enforcement with Hong Kong police, crack down on all forms of cross‑border economic crime in accordance with law, and resolutely safeguard sound economic and financial order within the Guangdong‑Hong Kong‑Macao Greater Bay Area.
 
 
Global Times