Hong Kong police have detained three currency exchange shop employees for suspected involvement in fraudulent activities, CryptoPotato reported. This is after a customer found a pile of "ghost money" in the store before executing a cryptocurrency transfer worth about HK$1 million. Hong Kong police arrested the three individuals aged between 31 and 34 on Wednesday. Police seized 3,000 ghost money, a safe and a money counting machine in a store in Tsim Sha Tsui. On April 12, a 35-year-old man reported that he sold about HK$1 million of Tether (USDT) in a store in Tsim Sha Tsui but was unable to withdraw the cash. Later investigations revealed that the suspects displayed a pile of ghost money with a face value of HK$500 and then persuaded the victim to transfer USDT to the cryptocurrency wallet they provided. After receiving the virtual currency, the suspects failed to fulfill their agreement. They gave various excuses and then quickly left the scene, leaving the victims with nothing. In Hong Kong, the maximum penalty for fraud is 14 years in prison. In addition, individuals who obtain property by fraud may face a maximum penalty of 10 years. Following this incident, Hong Kong authorities have asked residents to be careful when conducting transactions. They also advised them to choose reputable cryptocurrency exchange shops and check the security features of banknotes to prevent falling victim to such scams.
