Saturday, January 28, 2023

Hong Kong Police Arrests 19 People For Misleading Innocents Through Crypto Scam

Hong Kong Police has arrested 19 people, who are suspected to be a part of a cryptocurrency scam that defrauded 170 individuals in Hong Kong, China, Taiwan and the UK, reports The Standard on August 20.

“The fraudsters used a fake app and some kind of fake web pages … to deceive people,” the police said.

The fraudsters stole around $11 million Hong Kong dollars (US$1.4 million) from the victims.

Hong Kong Police has arrested 11 men and 8 women, which included the mastermind of the scam, technicians, managers and promoters.
As per the report, out of 19 arrested culprits, 10 were the core members of the syndicate, others were triad members. 

In a public statement, the Hong Kong Police revealed that the crypto scam was being operated in space, which the fraudsters rented in commercial buildings. 

Many youngsters, who joined this scam, used the social media platform to promote the scam. The victims, who were part of that social media platform, were lured by cash, a yacht, and a sports car.

According to the report, the victims were asked to transfer money and cryptocurrencies in bank accounts and crypto wallets, which belongs to the fraudster. The culprit promised the innocent individuals that the fund they had transferred to the culprit’s account would be used for investment purposes only. 

While releasing a public statement, Tam Wai-shun, superintendent from the police’s crime division, “The fraudsters used a fake app and some kind of fake web pages … in order to deceive people.”

The fraudsters asked the victims to use a specific application and website to transfer the funds to their accounts. Notably, the website and application were fake, any information related to the victim’s account, on that space, was false. 

The victims discovered being duped by the fraudsters when they tried to withdraw the funds, but couldn’t do so, from their wallets. But by then, the culprits already had been flown away with the money and cryptocurrencies, which the customers deposited as an investment. 

According to an official, one of the victims of the scam has lost HK $760,000 (US$97548.89), which is considered to be the biggest loss in a single case.

As the police further proceeded with the investigation, it seized 9 computers, 128 smartphones, HK $1.4 million in cash, cryptocurrency worth around HK $50,000 (US$6417.69) and a sports car. 

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