Police Bust $50m Investment Fraud Scam

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.