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Denise Tsang

Hong Kong police have arrested four people, including a 14-year-old, in a crackdown on a syndicate allegedly using fake banknotes to swindle victims out of cryptocurrency worth HK$11 million (US$1.4 million).
Chief Inspector Lo Yuen-shan of the force’s commercial crime bureau said on Sunday the four suspects brought the number of people arrested in connection with such cases to 14 since October last year.
Lo said the four, who were aged between 14 and 39, were arrested on Friday on suspicion of conspiracy to defraud, as well as possessing and using 5,000 bogus banknotes.
Senior Inspector Mak Wai-kwong also warned young residents against turning to crime to make quick money.
“Young people are free during the summer holiday and should be aware of traps of being recruited to get involved in scams,” he said.
Police said the four suspects worked as a syndicate, with tasks clearly divided up.
Two were masterminds responsible for sourcing fake banknotes and premises to use as bogus cryptocurrency exchange shops, as well as seeking out victims online.
The other two suspects retrieved the banknotes from a mini-storage facility in Mong Kok, while the masterminds dressed up a nearby premises to pass as a legitimate business.
Lo said the pair behind the plan impersonated a well-known cryptocurrency investor to entice people with offers above the current market price for virtual currencies.
They then invited the victims to the store and showed them the stacks of fake banknotes in an effort to show they could easily settle the transaction, without handing over any of the cash.

“The suspects did not allow victims to untie the stack of HK$1,000 banknotes because only the top and the bottom ones were authentic,” she said.
The suspects then convinced the victims to settle the transactions online after winning their trust.
Once the cryptocurrency was transferred, the suspects immediately moved the assets out of the account and refused to pay.
Lo said the tactics were common in recent cases, with the quartet and others suspected of cheating 12 victims out of HK$11 million between October last year and Friday.
Inspector Mak called for heightened vigilance and said residents could check for the shimmering patterns on banknotes to ensure authenticity.
The production, circulation or passing of counterfeit notes has a maximum penalty of 14 years behind bars in Hong Kong.


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Crime in Hong Kong

14-year-old Hongkonger among 4 arrested over using fake banknotes to swindle crypto owners

Stacks of bogus bank notes displayed as evidence. Police say the masterminds impersonated a well-known cryptocurrency investor. Photo: Jelly Tse

Senior Inspector Mak Wai-kwong (left) and Chief Inspector Lo Yuen-shan revealed the latest arrests on Sunday. Photo: Jelly Tse

Interpol issues red notice for Hong Kong crypto promoter linked to HK$3 million deception case

Wong Ching-kit was previously arrested in 2018 on suspicion of causing a public nuisance over the throwing of HK$6,000 from a rooftop. Photo: Felix Wong

Interpol’s red notice for Wong. The alerts are requests to law enforcement worldwide to locate and provisionally arrest wanted individuals pending extradition, surrender or similar legal action. Photo: SCMP

Hong Kong police arrest 3, seize bundles of fake banknotes after HK$3.1 million crypto scam

Police have seized thousands of fake HK$1,000 banknotes after officers were alerted to a cryptocurrency scam. Photo: Shutterstock

Police have taken almost 11,000 fake HK$1,000 bills out of circulation after a raid on a Mong Kok office. Photo: Warton Li

Hong Kong authorities gaining experience in disrupting illicit crypto activities: experts

Hong Kong authorities have amassed experience in tracing criminal activities involving cryptocurrencies, with a speedy response being key, experts say. Photo: Getty Images

Veteran cryptocurrency investor Louis Li has said suspicious account owners can often be identified when they opt to convert their virtual assets into cash. Photo: Xiaomei Chen

Decentralised cryptocurrencies, such as Ethereum, generally do not involve intermediaries when it comes to transactions, making them harder to intercept. Photo: Reuters

News

Hong Kong

Law and Crime

Police say HK$11 million lost since October last year, warning youngsters against turning to crime to make quick money


Police say HK$11 million lost since October last year, warning youngsters against turning to crime to make quick money.


Hong Kong police

Crime

Scams and swindles