Police Bust $50m Investment Fraud Scam
"); jQuery("#212 h3").html("
"); });
2018-06-09 HKT 00:35
Share this story
Police have arrested eight people in connection with an investment fraud scheme that used a virtual currency as one of its baits. Officers say the scam brought in about $50 million.
The suspects are said to have told potential investors they could double their money, and asked them to bring cash to the mainland to set up an online portfolio account.
The alleged victims called police after discovering that their accounts were not working.
The suspects worked for three companies, and police believe there are more than 150 victims.
Chief Inspector Cheung Lok-chuen says said one of the companies introduced its own virtual currency in order to deceive the victims.
However he said it was too early to say whether this represents a in new trend among scammers.
Jean-Louis Tse Appointed CEO Of FinTech Association Of Hong Kong
The FinTech Association of Hong Kong (FTAHK) has appointed Jean-Louis Tse as its new CEO. Jean-Louis brings over 20 yea... Read more
XTransfer To Present Compliance And SME Solutions At Hong Kong Fintech Week
XTransfer will participate in Hong Kong Fintech Week 2025 as the event’s Official Fintech Partner. This marks the sec... Read more
Hang Seng E-HKD Pilots Reveal Gains In SME Cash Flow And Efficiency
Hang Seng Bank has completed two use cases in Phase 2 of the e-HKD Pilot Programme under the Hong Kong Monetary Authori... Read more
FundPark Raises US$71M After Surpassing US$6B In ECommerce Financing
FundPark, a Hong Kong-based technology company providing financing solutions for eCommerce businesses, has raised US$71... Read more
Hang Seng Bank Launches “JustPay” With Voice Recording Payment Feature
Hang Seng Bank has introduced “JustPay”, an industry-first payment experience featuring a voice recording function.... Read more
How To Build An AI First Bank | Malaysia Banking CxO Roundtable
AI is changing banking faster than ever, from how banks detect fraud to how customers interact with apps. In this round... Read more