Authorities in Hong Kong have uncovered a HK$360 million ($46.3 million) fraud scheme involving cryptocurrency and arrested 27 suspects.
Local media HK01, reported On Tuesday, Hong Kong police launched a special operation called ‘Secret Words’ earlier this month, arresting 27 people accused of promoting online romance scams for about a year and extorting money from victims by luring them to invest in cryptocurrencies. .
According to the report, police deployed more than 100 agents to investigate the case, arrested 27 people, and seized luxury watches and over 200,000 Hong Kong dollars ($25,742) in cash during a raid on the Hong Kong site. One of the confiscated watches, a red Richard Mille watch, is said to be worth HK$2 million ($257,400), while another seized gold Rolex watch is worth about HK$300,000 ($38,600). It is known to have reached.
Police Chief Iu Wing Kan told the media: briefing The scam syndicate was very secretive and asked victims to transact in cryptocurrency without involving their bank accounts. This has made it more difficult for police to trace the proceeds of crime, police said.
Police added that the victims included Hong Kong residents as well as individuals from India, Singapore and Malaysia.
Cryptocurrency-related scams appear to be on the rise globally. For example, the U.S. Federal Bureau of Investigation Recorded a 45% surge Cryptocurrency-related losses in 2023 compared to the previous year.
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