1 month ago
6
Police took into custody 27 people, ages 21 to 34, during a raid last week. They received charges of conspiracy to commit fraud and possession of firearms. Some of them are allegedly connected to local triad groups; and many are recent graduates with degrees in digital media from nearby institutions.
Authorities discovered the complex scheme, which included reaching out to victims on social media. They created fictitious romantic relationships, and persuaded them to invest in a fake cryptocurrency platform. Even training booklets outlining their methods were available to the organization.
According to Police Superintendent Yiu Wing-kin, fraud operations of this scale and organization seldom can be found physically based in Hong Kong. There were similar scams from most countries in Southeast Asia, India, Dubai, and Sri Lanka.
The bust comes amidst a greater trend of increasing crypto fraud. Global losses to crypto scams reached almost $4 billion in 2023, a big jump from the previous year. Hong Kong has seen its own surge, with scams accounting for almost 44% of all crimes reported in the first half of 2024.
The police said this latest group collaborated with foreign scammers and technology experts to create fake investment platforms. The case has brought out the growing sophistication of cryptocurrency fraud in the city.
Subscribe and read the latest news at Coinbackyard.
English (US) · 