Hong Kong authorities have disrupted an unauthorized online gambling operation that used ‘emerging financial technology’ to process US$64.5m worth of illegal wagers.

On Monday, the Cyber ​​Security and Technology Crime Investigation Division of the Hong Kong Police Force announced the arrest of 22 individuals suspected of involvement in an illegal online casino, football and horserace betting operation that has been active since May of this year.

Police estimated that the group handled wagers worth HK$500m in just the past few months through a variety of websites based in other countries. The arrested individuals, whose tasks included soliciting gamblers via online platforms, worked out of a number of high-end condos in Hong Kong.

The investigation, which was dubbed Operation Moonshield, said the organizers convinced an ever-increasing number of local residents to open online bank accounts, control of which would then be assumed by the organizers in order to move money between the gambling sites and their customers.