Hong Kong police disclose fraud losses of HK$3.5 billion in half a year, with a single cryptocurrency case losing HK$84 million

Odaily Planet Daily News: Hong Kong police announced that a total of 20,613 fraud cases were recorded in the first half of this year, involving total losses of approximately HK$3.5 billion. Among these, there were 2,151 investment fraud cases, accounting for about one-tenth of all fraud cases, but resulting in losses as high as HK$1.66 billion. One investment fraud case involving cryptocurrency recorded losses of approximately HK$84 million, where the victim was lured into investing and transferring cryptocurrency to an e-wallet provided by the other party, ultimately discovering the fraud only after being unable to withdraw assets.

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