Fraudsters Scam Nearly 100 Hongkongers Out of HK$90 Million in a Week

Nearly 100 Hongkongers were defrauded of HK$90 million in a week by scammers masquerading as investment gurus offering false insider tips on crypto and stocks. One elderly businessman lost HK$10 million, while a clerical worker lost her savings and went into debt after trusting alleged experts online.

In a shocking wave of investment scams, almost 100 residents from Hong Kong have lost a staggering HK$90 million (about US$11.6 million) within a single week. The fraudsters, masquerading as investment professionals, have exploited victims by presenting fake insider tips related to cryptocurrency and stock trading. Reports indicate that some victims were lured with false promises of huge returns, leading countless individuals to place risky bets based on these deceptive claims.

Notably, one of the victims—an 84-year-old businessman—suffered the gravest loss, being swindled out of nearly HK$10 million through a cryptocurrency scheme. He initially encountered the scammer, who falsely claimed to be the CEO of a data firm, via WeChat messaging. The police disclosed that he made 14 separate transactions, each sending funds into the scammers’ control.

Another case sees a 43-year-old clerical worker, who lost both her HK$1.8 million savings and a HK$1 million loan to the con artists. The woman was led to believe she was chatting with a legitimate investment analyst over Telegram, ultimately coaxed into investing in Hang Seng Index futures on a fraudulent platform. In a short span of two weeks, she completed 17 transfers of more than HK$2.8 million into accounts directed by the scammer. Tragically, not only did she lose her life savings, but she also found herself in debt by HK$1 million as a result.