Hong Kong police cracked a HK$124 million money laundering case and a HK$3 million fraud case, arresting 24 people.
The force announced on Thursday that 14 men and 10 women from the fraud and money laundering syndicate were arrested in a series of enforcement actions.
The arrestees have run 54 bank accounts for illegal transactions since last July. Thirteen arrestees aged 23 to 65 were believed to defraud a total of HK$3.23 million from about 70 victims.
"The criminals have made scam calls to some company employees and falsely claimed to be their managers," said the police, "asking them to transfer money to their bank accounts."
Six men and five women aged between 25 to 75 were arrested over engaging in money laundering for HK$124 million.
Police also seized a batch of luxurious watches and froze their bank accounts which contained around HK$2 million.
"Around 2,831 phone scam cases were received by the police last year, seeing a significant increase compared to the figure of 1,140 in 2021," according to the police.