Millions Lost In Investment Fraud, Say Investors

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

Related News Programmes

"); });

2018-03-13 HKT 18:54

Share this story

facebook

  • The group says the fraudulent firm is still luring people to invest with them. Photo: RTHK

    The group says the fraudulent firm is still luring people to invest with them. Photo: RTHK

A group of investors who allegedly lost millions of dollars on Tuesday called on the authorities to take action against a financial service firm, saying it is still continuing to defraud more people.

The group said they were lured by the company which offered high returns to invest in foreign currencies, stocks and gold.

The company, Maxim Capital, has been linked to investment scams in Malaysia, Taiwan and Singapore, and the Securities and Futures Commission here got a court order to freeze the firm's assets in 2015.

But the investors said they were told to transfer their money to another trust company before it took effect.

The group said the company has now stopped paying returns and told them it won't be able to repay their investments. One investor, who said he lost HK$1.7 million, alleged thousands of people like him have been cheated by the company.

DAB lawmaker Ann Chiang is helping the group to submit a police complaint.

RECENT NEWS

SBI Holdings To Acquire Bitbank In US$289M Crypto Expansion

SBI Holdings has agreed to acquire Japanese crypto exchange Bitbank in a deal valued at approximately US$289 million, w... Read more

4 Ways Hong Kong Banks Fight Financial Crime Using AI, According To HKMA

The Hong Kong Monetary Authority (HKMA) wants banks to use AI in financial crime as a way to counter cyberattacks and s... Read more

Ripple Launches RLUSD Stablecoin In Japan Through SBI Group

Ripple has launched its US dollar-denominated stablecoin, Ripple USD, in the Japanese market. The expansion follows reg... Read more

SBI And Startale Launch Trust Bank-Backed Yen Stablecoin JPYSC In Japan

SBI Group has introduced its trust based stablecoin JPYSC in partnership with Singapore-based fintech company Startale ... Read more

Visa Study: Digital Wallets Lead Greater Bay Area Payment Preferences

Visa has released its latest Consumer Payment Attitudes Study, highlighting how payment seamlessness is linked to a shi... Read more

European And South Korean Banks Form Project Pangea For FX Settlement

Chainlink, South Korean infrastructure provider FairSquareLab, the Unified Korea Alliance (UniKA), and European stablec... Read more