Hong Kong police announced the arrest of 19 alleged perpetrators of a $1.4 million cryptocurrency scam involving about 170 victims worldwide.
In connection with the investigation, the police stated that they seized nine computers, 128 smartphones, HKD 1.4 million in cash, HKD 50,000 in cryptocurrencies, and a sports automobile. The hoax targeted victims from all over the world, including Taiwan, Mainland China, the United Kingdom, and, finally, Hong Kong. According to case officials, one victim lost up to HKD 760,000, making it the single largest individual loss in a single case.
Eleven men and eight women between the ages of 18 and 31 were arrested as suspects in the fraud. The defendants include the group’s leader, technicians, managers, and promoters. The accused would rent commercial building units in the city in order to establish their businesses. Furthermore, the police revealed that the alleged perpetrators employed younger individuals as social media influencers. These influencers would then draw victims into the scam by publicizing the money and other items on social media, such as yachts and sports vehicles.
The victims were instructed to deposit funds into the scammers’ cryptocurrency e-wallets and bank accounts. Additionally, the victims were instructed to install unregulated and unofficial cryptocurrency applications in order to transfer the investment funds to the scammers’ bogus app or website.
However, because the scammers controlled the false application and website, victims’ accounts would reflect gains post-investment. Nonetheless, the fraud was discovered during the victims’ multiple attempts to liquidate. They discovered they had been duped when they were unable to withdraw their investments.
The 19 accused suspects are being held in police custody pending further questioning, and officials have stated that additional arrests are not ruled out in the case. Cryptocurrency frauds are on the rise. Hong Kong police arrested four persons last month on suspicion of laundering $150 million through bank accounts in Singapore during a 15-month period.
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