Hong Kong police report HK$3.5 billion in fraud losses recorded in six months, with one crypto-related case totaling HK$84 million in losses

Odaily reported that Hong Kong police announced the city recorded a total of 20,613 fraud cases in the first half of this year, involving total losses of approximately HK$3.5 billion. Among these, investment fraud cases totaled 2,151, accounting for about one-tenth of all fraud cases, yet causing losses as high as HK$1.66 billion. One investment fraud case involving cryptocurrency resulted in losses of approximately HK$84 million. The victim was lured into investing by transferring cryptocurrency to an electronic wallet provided by the scammers, and only discovered the fraud when they were unable to withdraw their assets.

Hong Kong police also provided an update on the JPEX virtual asset fraud case, which remains under investigation. To date, there have been approximately 2,800 victims, with losses totaling around HK$1.6 billion. Since 2023, law enforcement has arrested 81 individuals, of whom 29 have been charged with conspiracy to defraud, money laundering, and perverting the course of justice, among other offenses. (Ming Pao)