Home Crypto Hong Kong Police Crackdowns Crypto Investment Scam, involving $11M HKD

Hong Kong Police Crackdowns Crypto Investment Scam, involving $11M HKD

Hong Kong police introduced Friday the authority has dismantled a cryptocurrency funding rip-off involving a minimum of 11 million Hong Kong {dollars}. At least 19 individuals are underneath arrest. 

According to the native authority, the group deceived victims’ cash by engaging the general public to put money into cryptocurrencies as early as final 12 months. On August 18 and 19, the police arrested a minimum of 19 suspects, together with eleven males and eight ladies, consisting of the rip-off group in cost, info expertise personnel and facilitators.

Suspects aged 18 to 31 years previous are accused and concerned within the prices of “conspiracy to defraud.”

Local media reported the rip-off group deceived the arrogance of victims by displaying yachts, luxurious vehicles, and money on numerous social media platforms to faux to be wealthy individuals, adopted by asking victims to deposit their cash by investing in cryptocurrencies primarily into Tether (USDT). As a outcome, victims are deceived by transferring their cash on a faux cryptocurrency platform and fail to get the cash again.

The police mentioned the fraud concerned within the first quarter of this 12 months alone reached 11 million. More than 170 individuals had been defrauded, and the biggest quantity of momentary losses concerned was 760,000 HK {dollars}.

The investigation is present process. The authority mentioned victims come from numerous areas, together with mainland China, UK and Taiwan; these confiscated gadgets included 9 computer systems, 128 smartphones, $1.4 million hong kong {dollars} in money, cryptocurrency price about 50,000 HKD, and a sports activities automotive associated to the case.

Image supply: Shutterstock

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