Hong Kong police arrest 19 crypto fraud suspects for $ 1.4 m

Hong Kong police say the $ 1.4 million perpetrator of 19 alleged crypto scams involving about 170 victims worldwide has been arrested. Police said they had seized 9 computers, 128 smartphones, HK $ 1.4 million in cash, HK $ 50,000 in cryptocurrency and a sports car linked to the case.

As a result of the fraud, people from all over the world, including Taiwan, mainland China, the UK and finally Hong Kong, fell victim. Authorities in the case showed that the victim lost up to HK $ 760,000, the largest individual loss in one case.

Social media marketing to deceive people
11 men and 8 women, aged 18-31, were arrested on suspicion of decriminalisation. The suspect consists of the team leader, as well as technical experts, managers and promoters.

Suspects rent commercial buildings in the city to open shops. In October, police revealed that the alleged offenders also recruited young people as influencers on social media. These influencers then implicated victims in the scam, promoting money and other things such as yachts and sports cars on social media.

The victims focused on transferring the investment amount to the electronic wallets of cryptocurrencies and the bank accounts of fraudsters. In October, victims were instructed to install unregulated and informal crypto apps to transfer the investment amount to a fake app or website developed by the scammers.

However, victims ‘ accounts on the fake app and website will show gains after they have invested, as they have been verified by fraudsters. But fraud has been caught up in numerous attempts to eliminate victims. The inability to withdraw their investment led them to realise they had been deceived.

The 19 arrested suspects are currently in custody for further questioning, and authorities have said they are not ruling out new arrests in the case.

Crypto scams are growing fast. Hong Kong police arrested last month

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