Hong Kong Police Arrest 100 Fraud Suspects and Recovers Over HK$180 Million

Hong Kong Police Arrest 100 Fraud Suspects and Recovers Over HK$180 Million

Hong Kong police hang arrested 100 participants in a significant crackdown on fraud and money-laundering syndicates, bettering over HK$180 million (US$24.2 million) from 295 victims.

In a two-week operation code-named “Widepeak,” which concluded on Monday, 75 males and 25 ladies had been detained on suspicion of cash laundering and acquiring property by deception.

Cryptocurrency Scam Amongst Others

Hong Kong police arrest 100 suspects linked to scams totalling HK$180 million in losses

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— Hong Kong Free Press HKFP (@hkfp) Might also 22, 2024

Chief Inspector Cheng Ki-fung of the Sham Shui Po district crime squad disclosed that almost all suspects had been holders of stooge accounts, with occupations starting from cleaners and cooks to decoration employees. These participants allegedly loaned or sold their bank accounts to prison syndicates, enabling the series and laundering of scammed money in swap for a crop of the proceeds.

Chief Inspector Cheng revealed that the suspects had been linked to 82 cases of deception. These included investment scams, employment fraud, web care for scams, e-browsing swindles, and contact deception. The most vital monetary loss stemmed from an investment rip-off targeting a 74-365 days-extinct businessman. An on-line acquaintance lured him into investing in cryptocurrency and swindled him out of HK$23 million.

Inspector Wong Sze-ki highlighted one other well-known case keen an on-line browsing rip-off. This rip-off deceived 54 victims into spending larger than HK$70,000 on supposed crop worth tickets for dash, theme parks, and hotel staycations.

In response to these rising scams, the police hang told the final public to speak the pressure’s “Scameter“ search engine, on hand thru the CyberDefender web suppose or app, to verify suspicious or flawed schemes. The hunt engine helps title doubtful web addresses, emails, platform usernames, bank accounts, cell cell telephone numbers, and IP addresses. The pressure’s 18222 “Anti-Scam Helpline“ can be on hand for help.

The crackdown used to be launched following a almost 30% upward push in reported deception cases in Sham Shui Po district, escalating from 1,873 in 2022 to 2,419 final 365 days. The district recorded 706 deception cases within the key four months of this 365 days by myself.

Superintendent Chen Chi-cheong, assistant Sham Shui Po district commander, emphasised the importance of targeting stooge accounts, that are compulsory to fraud networks for gathering and laundering illicit funds. He warned the final public against lending or selling their bank accounts to others, as they’d well face money laundering fees punishable by as a lot as 14 years in prison and a HK$5 million gorgeous.

The Rising Concern of Crypto Fraud in Hong Kong

The metropolis skilled a 42.6% amplify in all deception cases final 365 days, with 39,824 studies filed, up from 27,923 in 2022. Financial losses from these cases surged by 89%, rising to HK$9.1 billion in 2023 from HK$4.8 billion the earlier 365 days.

Superintendent Chen added that over 200 holders of stooge accounts had been arrested by Sham Shui Po police for money laundering and conspiracy to launder money within the previous 365 days. Prosecution has been licensed, and charges had been filed against 111 participants. 11 convictions ended in penal advanced sentences starting from four to 28 months.

As reported on Might also 21, scammers target South Korean crypto customers with an Ethereum-themed rip-off. Fraudsters ship alarming textual disclose messages to customers, warning them that their ETH money will be “burned“ on Might also 22 if they carry out no longer act rapidly.

The messages, allegedly from a unfounded global cryptocurrency swap named Bit-Finance, speed customers to withdraw their funds straight to steer determined of losing them. Recipients are directed to a phishing suppose where scammers are trying and steal wallet crucial points and passwords.

Police and regulators hang eminent the upward thrust in such scams, with cybercrime linked to digital sources increasing in South Korea. Last 365 days, the Nationwide Police Company dealt with 167,688 cyber fraud cases, a 7.68% amplify from 2022, with crimes keen digital sources accounting for 38.3%. Between January and April of this 365 days, 2,209 studies of financial losses as a result of crypto scams had been filed with the Financial Supervisory Carrier, 17.7% of which had been linked to phishing attacks.

Source : cryptonews.com