A Hong Kong lawmaker has warned that an unfolding crypto scam run by a coffee investment venture based in Vietnam could involve more than 1,000 victims, as an investor reported losses of HK$14 million (US$1.73 million) across her team.
The warning came as police said that total reported losses tied to the syndicate operating as Fun Coffee have climbed to HK$104 million, with 225 complaints received since last month.
Six people earlier arrested on suspicion of conspiracy to defraud – a man and five women aged 51 to 64 – were released on bail on Wednesday, the force said.
Legislator Johnny Ng Kit-chong on Wednesday said that he had received around 50 in-person appeals since last week, representing hundreds of alleged victims. He said it would not be surprising if the total number of victims exceeded 1,000.
One investor, who did not disclose her name, said she was introduced by a friend to take part in short promotional videos, with each three-minute clip advertised as paying HK$7,000.
In practice, she said, the fee had to be split among the filming and editing crew, leaving her with only HK$700 to HK$1,000 for each shoot.