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

According to a report by Hong Kong's Wen Wei Po, Hong Kong police have cracked a cross-border telephone fraud case. A criminal syndicate impersonated mainland officials, specifically targeting 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 to purchase gold bars at jewelry stores multiple times as "deposits," 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 highest single loss reaching HK$1.6 million.