Hong Kong police said the city recorded 20,613 fraud cases of all types in the first half of the year, with total losses of about HK$3.5 billion. Among them, 2,151 were investment scam cases, accounting for roughly one-tenth of all fraud reports but causing HK$1.66 billion in losses. Police disclosed that one crypto-related investment scam alone led to losses of about HK$84 million. In that case, the victim was lured into making investments and transferred crypto assets into an electronic wallet provided by the other party, only to realize the fraud after being unable to withdraw the assets. Police also updated the status of the JPEX virtual asset fraud case, which remains under investigation. The case now involves about 2,800 victims and losses of about HK$1.6 billion. Since 2023, law enforcement authorities have arrested 81 people, with 29 charged with offenses including conspiracy to defraud, money laundering, and perverting the course of justice, according to Ming Pao as cited by Odaily.
Hong Kong police said the city recorded 20,613 fraud cases of various kinds in the first half of the year, with total losses of about HK$3.5 billion, according to Odaily, which cited Ming Pao.
Of that total, 2,151 cases were investment scams, or about one-tenth of all fraud cases. Those cases caused losses of HK$1.66 billion. Police said one investment scam involving cryptocurrency resulted in losses of about HK$84 million. In that case, the victim was lured into investing and transferred crypto assets into an electronic wallet provided by the counterparty, only to discover the fraud after being unable to withdraw the assets.
JPEX case remains under investigation
Police also provided an update on the JPEX virtual asset fraud case. The case is still under investigation and now involves about 2,800 victims, with losses of about HK$1.6 billion.
Since 2023, law enforcement authorities have arrested 81 people in connection with the case. Of them, 29 have been charged with offenses including conspiracy to defraud, money laundering, and perverting the course of justice.
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