Police on Saturday said they had broken up a gang responsible for laundering more than HK$100 million through 52 bank accounts.

The force arrested 11 alleged members of the syndicate, made up of five men and six women aged between 22 and 39, including three foreigners.

Officers swooped on the group's base of operations in Tsim Sha Tsui, seizing bank documents, cheques, banknote counters, mobile phones and HK$800,000 in cash.

On Thursday, officers found that two suspects had withdrawn a large amount of cash and then handed it over to another member, who then allegedly took the cash directly to a cryptocurrency store before being arrested.

They also believe one of the gang members used fake documents to apply for loans from the government, swindling a total of HK$3.9 million.

Superintendent Lee Mo-yin said the scammers used a variety of methods.

"The syndicate members used systematic methods, including mobilising puppets,opening bank accounts, collecting money, and personally handing cash to puppets to hide the source of the funds," she said.