Hong Kong police have busted a cross-border fraud case targeting overseas students to obtain cryptocurrency assets.

CoinFeed reported on April 26 that, according to Hong Kong's Wen Wei Po, Hong Kong police have busted a cross-border fraud syndicate. The group impersonated law enforcement officials and targeted mainland Chinese students studying overseas, coercing them to purchase gold bars in Hong Kong as "deposits," which they then melted down and converted into cryptocurrency to launder the funds. A total of seven cases were reported, involving approximately HK$7 million. Police launched Operation "Operation Catch the Leader," arresting several suspects and recovering approximately HK$5 million in illicit assets. One suspect has been charged and will appear in court, while the remaining arrestees have been granted bail and are required to report to the police in early May.