Hong Kong police arrest six in agarwood scam
Bastillepost · 4 SOURCES1 day ago2 MIN
Summary
Police said they dismantled a cross-border syndicate linked to an alleged agarwood tree investment scam in an operation on October 14, arresting six suspected core members. Investigators said 21 people had reported losses of about HK$14 million after joining investment plans launched from 2017 by a local company, Good Good Good Group (Hong Kong) Limited, and later being unable to recover interest or principal.
Key Points
- The Commercial Crime Bureau said it received reports from 21 people from September, with victims aged 52 to 82 and individual losses ranging from HK$30,000 to HK$1.9 million.
- Two men and four women aged 52 to 66 were arrested on October 14 on suspicion of offences including obtaining pecuniary advantage by deception to avoid legal liability.
- Police said the company promoted at least four plans, starting with HK$10,000 agarwood trees promising HK$300 monthly returns, or 36% a year, over three years.
- Later schemes included a 25% “intellectual property licensing” plan, a self-issued virtual token called iBBB coin, and an automatic car-wash investment plan claiming 30% annual returns.
- Officers searched the company’s Kwun Tong office and warehouse and suspects’ homes, seizing about HK$540,000 in cash, 25 phones and computers, contracts and suspected agarwood products.
Why It Matters
The case shows how alleged fraudsters can keep investors engaged by rolling unpaid balances into new products, mixing tangible assets, overseas site visits and newer elements such as virtual tokens. Police said they are examining seized devices, contacting more possible victims and noted that the Securities and Futures Commission placed the company on its suspicious investment products alert list on October 14.