Hong Kong police have busted a money laundering scam involving virtual currency "gold nuggets," with approximately HK$7 million involved.

Hong Kong police have disclosed the cracking of a cross-border telephone fraud case. A criminal syndicate impersonating mainland officials specifically targeted mainland students studying in the UK and Australia. The scammers falsely claimed victims were involved in money laundering or other criminal cases, demanding their "cooperation with the investigation." The victims were then instructed to travel to Hong Kong and purchase gold bars from jewelry stores multiple times as "deposit," with each purchase not exceeding HK$120,000 to circumvent jewelry store registration regulations. The stolen gold was then collected and transferred by syndicate members. The gold bars were then melted down into gold bars or exchanged for cash and cryptocurrencies. Police have received reports of seven related cases, involving approximately HK$7 million, with the largest single loss reaching HK$1.6 million. (Hong Kong Wen Wei Po)