Hong Kong Police Arrest Three in HK$5.1 Million Virtual Investment Talk Show Ticket Scam
Hong Kong police arrested on Tuesday three individuals linked to a fraud syndicate that allegedly defrauded at least 10 residents out of HK$5.1 million (US$653,900) through fake virtual investment talk tickets.
Authorities revealed that the victims were deceived into bidding for fake tickets to a virtual investment talk show with the intention of reselling them for a profit.
Police reported that the syndicate invited targets to an investment seminar at a grade-A office in Kowloon Bay. The scammers lured the attendees into a fraud scheme with promises of high returns and no risk, bidding on admission tickets for an investment talk show through a sham trading platform controlled by the syndicate.
Acting Superintendent Man Cheuk-hei of the Sau Mau Ping district stated that the scammers persuaded the victims to deposit money into a bogus trading platform, promising a monthly return of 7% interest.
The syndicate, which began operations in November 2022, faces charges of conspiracy to defraud, which carries a potential prison sentence of up to 14 years. Police seized five mobile phones and cash amounting to HK$15,000 and 30,000 yuan (US$4,145).
Hong Kong police arrest 3 over investment scam duping victims of HK$5.1 million https://t.co/9fs1tCA3dz
— South China Morning Post (@SCMPNews) May 21, 2024
Inspector Tam Ho-yin of the Sau Mau Ping district crime squad explained that the bidding for each ticket started at 100 Tether coins, equivalent to HK$780. Victims were told they could sell the tickets the next day at a markup of 300 Tether coins but faced high handling fees for their bids. As the bidding price increased, the fraudsters claimed they would eventually repurchase all tickets at an inflated price of 15,000 Tether
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