Police have arrested 50 men and 18 women suspected of providing their bank accounts for money laundering of telephone deception proceeds.

Crime syndicates placed newspaper advertisements targeting people seeking quick money. Respondents were told to open bank accounts to collect and launder the proceeds of telephone deceptions.

Officers raided 210 locations, making the 68 arrests in an operation ending today. All have been released on bail pending further investigations.

Money laundering warrants 14 years jail and a $5 million fine. So far this year, 37 account-holders have been convicted. There were 1,409 reported telephone deception cases in the first nine months of the year, resulting in $19.6 million in losses.

Police remind the public, especially the elderly, to report dubious telephone calls from people asking for large sums of money.