8 arrested in Hong Kong after HK$46 million lost in investor phishing scams

Hong Kong police have arrested eight people for allegedly making unauthorised stock transactions, manipulating the market and using phishing scams to swindle about HK$46 million (US$5.8 million) out of more than 130 victims based locally and overseas.

Senior Superintendent Fanny Kung Hing-fun of the force’s commercial crime bureau said police had arrested seven men and one woman over two separate phishing cases, with one targeting locals and the other going after overseas investors.

Both cases allegedly involved scammers duping retail investors into sharing their securities accounts for unauthorised transactions, with some overseas victims referred to the force by the city’s Securities and Futures Commission.

“The methods used in these cases have revealed how the syndicates used phishing links to hijack accounts, orchestrating cross-border market manipulation and money laundering crimes,” Kung said.

The senior superintendent said the syndicates started by sending phishing messages en masse that contained hyperlinks to websites set up to impersonate overseas securities firms.

The victims then input their account login details and one-time passwords issued by the real securities firms, allowing the scammers to access their investment accounts.

Senior Inspector Chow Tsz-hin of the same bureau said 137 victims had come forward as of Wednesday, with their combined losses exceeding HK$40 million.