October 20, 2021
Scam/Fraud

Police arrest 19 in HK$11m cryptocurrency scam

Police arrested 19 persons in connection to a cryptocurrency scam, where around 170 victims from the city and overseas were cheated of about HK$11 million.

Officers arrested 11 men and eight women, aged from 18 to 31, for conspiracy to defraud on Wednesday and Thursday. Among the suspects were the mastermind of the syndicate, technicians, managers and promoters. Some of them were triad members and 10 of them were core members of the syndicate.

According to the police, the syndicate rented units at commercial buildings in the city as their operation center. They also hired youngsters to be promoters, having them showing off cash, yacht and sport car on social media to lure other victims.

The fraudsters first instructed the victims to transfer money into their cryptocurrency e-wallets and bank accounts, claiming the sum will be used for investment.

They also told victims to download non-official…

Read full article here: www.thestandard.com.hk