Hong Kong police arrest 2 men for alleged HK$140,000 fake gold swindle

Hong Kong police have arrested two men who allegedly used fake gold items to swindle pawn shops across the city out of HK$440,000 (US$56,587), as prices for the precious metal reached record-breaking highs amid broader growing global economic concerns.

The force said on Wednesday that officers from its Wong Tai Sin branch had earlier this week arrested a 27-year-old and a 54-year-old on charges of “obtaining property by deception” and “attempting to obtain property by deception”.

During the investigation, police suspected the two men of pawning “highly realistic” fake gold objects at shops in Kowloon and the New Territories between July and September.

It is understood that three shops suffered total losses of HK$440,000 due to the scheme. The men also tried to pawn the fake items at three other shops but were unsuccessful.

The force said one of the suspects remained in custody for further investigation, while the other had been released on bail and must report back later in October. It was not immediately clear which man was released.

Under the Theft Ordinance, anyone found guilty of obtaining property by deception can face 10 years in prison.