Hong Kong police arrest four suspects, including a teenager, involved in a major cryptocurrency scam amounting to HK$11 million.
Points
- Arrest of four suspects in a HK$11 million crypto scam.
- Involvement of a 14-year-old among the suspects.
- Details of the scam and counterfeit money used.
- Police’s call for public vigilance.
- Impact on victims and ongoing investigations.
The Hong Kong police have announced the arrest of four members of a crypto fraud syndicate, including a 14-year-old. According to the HK police, the suspects swindled nearly HK$11 million （~$1.4 million） from unsuspecting victims from October 14, 2023, to date.
Chief Inspector Yuen-shan of the Commercial Crime Bureau confirmed that 14 crypto scammers related to the case had been arrested so far. She disclosed that the four Chinese men were between the ages of 14 and 39. The chief inspector clarified that the four were arrested for using 5,000 fake banknotes （in denominations of HK$1,000） and suspicion of conspiracy to defraud.
Structure of the Syndicate
The chief inspector affirmed that the other two suspects moved the counterfeit money from a Mong Kok mini-storage facility. She added that they also posed as staff members of the crypto exchange to attend to walk-in clients. Notably, Yuen-shan stated that the masterminds impersonated a famous crypto investor to swindle people with enticing offers.
Yuen-shan unveiled the scheme, detailing how victims were invited into the premises and shown stacks of counterfeit notes to win their trust. According to the chief inspector, the victims were convinced by the suspects to settle the transactions online despite not being allowed to touch the money.
“The suspects did not allow victims to untie the stack of HK$1,000 banknotes because only the top and the bottom ones were authentic.” – Lo Yuen-shan
Yuen-shan asserted that the tactics were similar for all four, in which 12 victims lost nearly HK$11 million. The suspects refused to pay and moved the assets out of the account once the crypto was transferred.
Police’s Call for Vigilance
The Hong Kong police have called for vigilance, emphasizing the importance of transparency and caution in financial dealings, especially in the crypto space. They urge the public to verify the authenticity of transactions and to be wary of too-good-to-be-true offers.
The arrests highlight the ongoing efforts by Hong Kong law enforcement to combat financial fraud and protect investors from scams. The case serves as a reminder of the potential risks associated with cryptocurrency investments and the need for due diligence.
Conclusion
The arrest of four suspects, including a teenager, in a HK$11 million crypto scam underscores the growing threat of financial fraud in the cryptocurrency space. The detailed scheme and use of counterfeit money reveal the sophisticated tactics employed by scammers to deceive victims. The Hong Kong police’s proactive measures and call for vigilance emphasize the importance of transparency and caution in financial transactions.
Stay vigilant and informed
Twitter: https://twitter.com/HongKongPolice
解説
- The arrest highlights the sophistication and scale of crypto scams.
- The involvement of a teenager showcases the diverse profiles of those involved in financial crimes.
- Emphasizes the importance of public awareness and vigilance in preventing fraud.
- The police’s proactive measures are crucial in maintaining investor confidence.