Man scammed HK$16.23 million in cryptocurrency investment fraud


22nd May 2023 – (Hong Kong) A 47-year-old local man reported to law enforcement officials today that he had been scammed out of HK$16.23 million by an individual he met through a social media platform. The victim was persuaded to download a suspected fraudulent mobile application and invest in virtual currency through the app. The scammer instructed the victim to transfer funds to 16 different bank accounts, totalling HK$16.23 million. However, the victim was unable to retrieve his principal investment and lost contact with the fraudster, leading him to report the incident to the authorities.

After an investigation, law enforcement officials have classified the case as “obtaining property by deception,” but no arrests have been made yet.