Police log 50 investment scams in one week
AM730 · 3 SOURCESabout 3 hours ago2 MIN
Summary
Hong Kong police said they received more than 50 reports of investment scams in the past week, with total losses exceeding HK$30 million. One of the cases involved a retired woman in her sixties who lost more than HK$4.5 million after a fraudster posing as a prospective tenant persuaded her to invest in cryptocurrency through a fake platform.
Key Points
- The woman met the scammer on a property trading platform, where the fraudster first posed as a tenant before presenting himself as an investment expert.
- The scammer claimed cryptocurrency offered high returns, sent a fake website link, and used displayed profits on a bogus virtual-asset platform to lure further investment.
- Following instructions, the victim made 20 trips to physical cryptocurrency exchange shops to buy Tether, then transferred it to a wallet designated by the scammer to purchase Ether.
- She was able to withdraw funds at first, which reduced her suspicions, but later the scammer demanded about HK$7 million worth of Tether as a supposed tax payment.
- The woman then realised she had been cheated, with final losses exceeding HK$4.5 million; police also warned against unknown links, dubious apps, and transfers to personal or unidentified company accounts.
Why It Matters
The case shows how fraudsters can move from ordinary online contact, such as rental discussions, into investment pitches that appear credible because early withdrawals are allowed. Police warnings also point to practical red flags for Hong Kong residents, including demands for taxes, deposits or fees before withdrawals are released.