Hong Kong Businessman and Son Surrender to Police Over Kidnapping of Crypto Investor in $1.9 Million Dispute

Hong Kong Businessman and Son Quit to Police Over Kidnapping of Crypto Investor in $1.9 Million Dispute

A Hong Kong businessman and his son receive surrendered to police in connection with the abduction of a cryptocurrency investor, in conserving with a local info outlet, the South China Morning Put up, citing sources conversant within the topic.

The 70-300 and sixty five days-passe man and his 30-300 and sixty five days-passe son had been arrested on suspicion of false imprisonment and assault, in conserving with police sources. As of Thursday morning, they remained in custody for questioning.

Hong Kong Police Arrest Suspects in Reference to Cryptocurrency-Linked Abduction Case

Accompanied by their lawyer, the pair grew to change into themselves in at Tai Po Police Internet page on Wednesday afternoon. They had been which ability that of this fact arrested on suspicion of false imprisonment and assault. Though the surrendered suspects had been circuitously inquisitive in regards to the abduction itself, investigations revealed that the automobile ragged within the incident belonged to their family.

The businessman’s frustration reportedly stemmed from his investment within the cryptocurrency project roughly 18 months within the past. Despite initial optimism, the lack of the investor to repay the funds ended in escalating tensions and, in a roundabout arrangement, the miserable abduction incident.

The businessman had allegedly invested roughly HK$15 million (US$1.9 million) in virtual forex around 18 months within the past with the assistance of the victim, whom he had known via referrals. Preliminary investigations imply that the businessman encountered difficulties retrieving the invested funds, and the victim turned into infrequently unreachable.

In step with Hong Kong authorities, the abduction took station within the Sheung Shui residential district, where the victim’s husband tried to intervene and turned into attacked with a stun gun. Both the husband and spouse sustained injuries essentially to their limbs and had been which ability that of this fact hospitalized for therapy.

As of noon on Thursday, police had been nonetheless browsing for the four folks without lengthen inquisitive in regards to the abduction and assault. Detectives from the Tai Po district crime squad are investigating this incident, which marks the metropolis’s 2d abduction in 32 hours.

“We fabricate now now not rule out the possibility that the four men had been paid to enact the job,” said an unidentified supply within the represent.

Hong Kong Reports Surge in Cryptocurrency Scams, With Losses Reaching $216.6 Million in 2022

In step with local police in Hong Kong, losses from cryptocurrency scams surged to 1.7 billion Hong Kong bucks ($216.6 million) in 2022, marking a well-known prolong of 106% from the previous 300 and sixty five days. The preference of reported crypto-linked scams moreover noticed a famous upward push, reaching 2,336 conditions in 2022, representing a 67% surge from 2021.

These scams accounted for over 50% of the total 3.2 billion HK$ ($407 million) stolen from metropolis residents in know-how-linked crimes closing 300 and sixty five days, as reported by the Hong Kong Police CyberDefender net space. Over the final four years, on-line scammers receive persistently focused victims, with an annual quantity of roughly 3 billion HK$ being siphoned off.

The surge in crypto-linked scams has been attributed to the anonymity and complexity equipped by cryptocurrencies, making it tough for rules enforcement to trace the drift of funds and identify perpetrators. The Hong Kong police cybersecurity and know-how crime bureau noticed elevated declare of cryptocurrencies as a medium for on-line scams, complicating efforts to impress criminal proceeds.

In step with sources, scammers usually pose as experienced traders in crypto sources, treasured metals, or international substitute merchandise. They entice victims into putting in spurious investment applications and promising false transactions and returns. These tactics abolish it sophisticated for victims to discern the legitimacy of the investment schemes, resulting in well-known financial losses.

With almost 23,000 reported conditions of know-how-linked crimes in 2022, the Hong Kong face rising challenges in combating on-line fraud, severely internal cryptocurrency.

Source : cryptonews.com