Hong Kong is termed to have one of the fastest-evolving cryptocurrency markets in Asia, but crypto-based scams and frauds in the region mimic the surged pace.
A regional media organization noted that around 13 investors lost HK$14.8 million after they processed their transactions by the shops in the Kowloon West area allegedly set up and operated by fraudsters.
On September 26, 2024, the police noted that the mastermind behind the activity lured victims by offering better exchange rates. Furthermore, a 43-year-old businessman became the top victim as he lost HK$4 million after he processed two transactions worth HK$400k and HK$800k for the store based in a shopping complex in Sham Shui Po.
In addition, Leung Wai-hin, the senior inspector for Sham Shui district, said the looted victim reported the cheating after he was held in a shop on September 23, 2024, when he was processing the third transaction. He additionally handed over HK$ 4 million in cash to the receptionist.
The SI Added, “After the victim handed over the cash to a female receptionist at the counter, she falsely claimed she needed to count the money and exited into a separate room.”
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