Three individuals have been apprehended by the Hong Kong police on charges of defrauding a businessman of HK$3.11 million in crypto assets. The suspects allegedly offered the victim three bundles of counterfeit HK$1,000 banknotes during a transaction at a Mong Kok office.
According to a source, the 44-year-old businessman was presented with what appeared to be genuine HK$1,000 banknotes, with only two real bills in each bundle. The rest of the banknotes were identified as fake “training notes.” Despite the victim’s request to inspect the money, the suspects, who claimed to be office employees, refused citing lack of authorization from the manager.
The victim became suspicious of the situation and contacted the authorities, leading to the arrest of the two individuals involved in the fraudulent scheme. Subsequently, another man was also arrested after counterfeit banknotes were discovered on the premises. The trio now face charges related to obtaining property through deception and possession of fake banknotes.
This incident is part of a larger trend in Hong Kong, where cases of deception involving crypto transactions have been on the rise. Police have already seized a significant number of “training notes” in previous cases, highlighting the growing concern over fraudulent activities in the city.
Hong Kong, known as a major crypto hub in Asia, has been stepping up its efforts to combat fraudulent activities related to digital assets. The Securities and Futures Commission (SFC) has been actively monitoring suspicious crypto entities and has issued warnings against several unlicensed crypto trading platforms operating in the region.
Since January 2020, the Hong Kong SFC has maintained an alert list of entities that do not comply with regulatory guidelines. As of now, the list includes 39 entries, with 28 cryptocurrency exchanges flagged in 2024 alone. Recently added to the list are platforms such as Taurusemex, Yomaex, and BTEPRO, among others.
The recent arrests highlight the need for increased vigilance within the crypto community in Hong Kong. As the city continues to attract capital and investment in the crypto space, it becomes essential for authorities and stakeholders to work together to combat fraudulent activities and protect investors from falling victim to such schemes.
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