Hong Kong police report over 50 investment scams in week, woman loses HK$4.5m in crypto fraud
Hong Kong police recorded over 50 investment scam cases in the past week, with total losses exceeding HK$30 million. A 60-year-old retiree lost more than HK$4.5 million after being tricked into buying Tether and transferring it to a fraudster posing as an investment expert on a property platform.
Hong Kong police said on 21 October that they received more than 50 investment scam reports in the past week, with total losses exceeding HK$30 million.
In one case, a retired woman in her 60s lost more than HK$4.5 million after being defrauded through a cryptocurrency investment scheme. According to police, the victim met a fraudster posing as a tenant on a property-trading platform. During conversations, the suspect claimed to be an investment expert and touted high returns from cryptocurrency investments. The fraudster sent a fake website link, luring the victim to a virtual-currency investment site that displayed fabricated high returns.
The victim believed the ruse and followed the fraudster's instructions, making 20 separate visits to physical cryptocurrency exchange shops to buy Tether (USDT). She then transferred the tokens to an e-wallet provided by the scammer, who used them to purchase Ethereum (ETH) for purported investment. The victim initially succeeded in withdrawing some funds, which reinforced her trust and led her to increase her investment. When she later tried to withdraw again, the fraudster demanded that she pay about HK$7 million worth of Tether as a so-called tax. Only then did she realise she had been cheated.
Police urged the public not to trust self-proclaimed investment experts who promise high returns with low risk; not to click on suspicious links; to stay alert if asked to transfer money to personal or unknown company accounts for investment; and not to download unfamiliar investment applications.