A group of four Hong Kong fraudsters, who swindled victims’ digital assets worth $1.4 million between October 2023 and July 2024, have been apprehended. The suspects, aged 14 to 39, are charged with conspiracy to defraud and possession of 5,000 counterfeit banknotes. According to Hong Kong laws, producing and circulating counterfeit currency can result in a maximum prison sentence of 14 years.
Hong Kong Police Arrest Quartet Accused of Using Counterfeit Banknotes to Swindle Crypto Traders
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Quartet Faces Conspiracy to Defraud Charges
Hong Kong police recently arrested four individuals, including a 14-year-old, for their involvement in a syndicate that used counterfeit banknotes to defraud cryptocurrency owners. The arrests, which occurred on July 26, reportedly highlight the growing issue of crypto-related scams in the region.
Chief Inspector Lo Yuen-shan from the Commercial Crime Bureau said the latest arrests bring the total number of individuals detained in connection with such scams to 14 since October of the previous year. The suspects, whose ages range from 14 to 39, face charges including conspiracy to defraud and possession of 5,000 counterfeit banknotes.
Meanwhile, in a warning to young people contemplating committing similar offenses, Senior Inspector Mak Wai-kwong said:
“Young people are free during the summer holiday and should be aware of traps of being recruited to get involved in scams.”
To lure victims, Lo revealed that a pair of scammers impersonated a well-known cryptocurrency trader. They also offered prices above the price of crypto assets that prevailed at the time. To hoodwink unsuspecting users, the scammers would display wades of banknotes to victims visiting their store.
After winning their trust, the fraudsters would then encourage the victims to transfer their digital assets to an account controlled by the syndicate. According to the Hong Kong police, 12 residents lost digital assets worth $1.4 million to the scammers between October last year and July 26. Under Hong Kong laws, producing and circulating reportedly carries a maximum jail sentence of 14 years.
What are your thoughts on this story? Share your opinion in the comments section below.
Bitcoin.com News is seeking a News Writer to produce daily content on cryptocurrency, blockchain, and the digital currency ecosystem. If you are interested in becoming a key member of our innovative global team, apply here.
