Man Arrested Over 'million-dollar Face Mask Scam'

"); jQuery("#212 h3").html("

"); });
2020-03-25 HKT 15:21
Police said on Wednesday that they had arrested a 40-year-old man suspected of cheating more than a hundred people in a face mask scam that netted almost HK$1 million.
Officers said averts on social media offered masks from Japan at prices below market rates, now such products have become scarce due to the coronavirus pandemic.
Boxes of 50 masks were available for HK$55, the Facebook advert claimed.
But police said that once customers completed bank transfers for bulk orders, the "seller" took the money and disappeared.
The force said 103 people fell for the scam, handing over HK$950,000 between them. One victim alone lost HK$186,000, officers said.
They added that they believe more than one person was involved in the fraud and further arrests could be made.
Why Financial Crime Keeps Rising, Even After $200 Billion In Compliance Costs
Despite spending over $200 billion globally on compliance, financial crime continues to surge. AI, deepfakes, and scam ... Read more
Cathay United Bank Launches First Private Banking Operations At Taiwans New Asset Management Hub
Taiwan has launched a new Asset Management Hub in Kaohsiung, aimed at accelerating the development of onshore private b... Read more
OCBC Hong Kong To Launch Serial Entrepreneur Financing By End-2025
OCBC Hong Kong has announced a new financing initiative by OCBC Group aimed at supporting serial entrepreneurs in Hong ... Read more
Hex Trust CEO Joins Hong Kongs Web3 Task Force
Alessio Quaglini, CEO and Co-founder of Hex Trust, has been appointed as a non-official member of the Hong Kong SAR Gov... Read more
E-Wallets Vs Digital Banks: Whats The Winning Fintech Model In Southeast Asia?
At Money20/20 Asia, we sat down with Jaykie Tan, Head of Business Development APAC at Mambu, and Cecilia Tan, Regional ... Read more
Hong Kong Introduces Anti-Scam Charter 3.0 To Tackle Online Financial Fraud
The Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), the Insurance Authority (IA), and... Read more