Macao hit by major investment fraud case involving over MOP 40 million, travel ban imposed on 2 suspects

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7th June 2023 – (Macao) Macao has been hit by a major investment fraud case, with two suspects accused of working together to defraud over 30 victims of more than MOP 40 million. The suspects face charges of “fraud” and “fraud of a considerable amount.” Following consideration of the nature of the crime, mode of operation, and the severity of the wrongdoing, a criminal prosecution court judge yesterday imposed mandatory measures on the two suspects, including the provision of bail, regular reporting, and a travel ban.

According to reports, the two suspects allegedly collaborated with other fugitives to promote investment opportunities to multiple victims, claiming that investing in a certain company would enable them to gain high returns in a short period or become original shareholders. Several victims believed the suspects’ claims and invested in the company, resulting in a total amount of over MOP 40 million. However, when the investment contract expired, the victims were unable to retrieve their principal, expected profits, or become shareholders of the company. Suspecting that they had been cheated, the victims reported the case to the authorities.