Fraudsters swindle more than HK$132mil from victims as online investment scams in Hong Kong jump

Fraudsters swindled more than HK$132mil from victims of online investment scams in 243 cases reported in Hong Kong in the first two months of the year, police revealed on May 5.

According to the force, scammers posing as investment experts usually prey on targets through social media and sometimes deploy good-looking and sweet-talking con artists to lure victims. In recent years, scammers turned their sights on jobseekers amid the coronavirus pandemic and high unemployment rate, he said.

The force said some victims were also lured into downloading a fake investment app which was controlled by con artists. Lam said victims were told their investment accounts had been frozen and they were lured into making further investments to get their money back. They realised they had been scammed when the “investment experts” could no longer be reached.

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