Hong Kong police arrest 50 in 7-day crackdown on scammers who stole HK$110 million

Hong Kong police have arrested 50 people in a seven-day crackdown on fraud syndicates accused of using internet and phone scams to cheat residents out of HK$110 million (US$14.1 million).

The force said on Friday that the largest sum, amounting to HK$30 million, was conned from a company director who fell victim to an investment fraud and was coaxed into transferring his money into five different bank accounts.

Senior Inspector Kwan Chi-chung of the Yau Tsim district technology and financial crime squad said three of the bank account holders were arrested in connection with the case.

Kwan also highlighted a new ruse that targeted residents planning holiday trips to Japan and needing yen.

Using the name and logo of a Yau Ma Tei money exchange shop, fraudsters set up a webpage on social media and claimed to offer Japanese currency at a better exchange rate, he explained.