Hong Kong law enforcement recorded 25 romance-related investment fraud cases between July 24 and July 30, with total losses nearing HK$70 million, according to Odaily citing Dongwang. In one of the larger cases, a woman in her 50s who worked in insurance was allegedly lured into investing in virtual currency by an online romantic interest claiming to be involved in the car trade. The victim only realized the problem last month after the investment platform showed account returns of more than 800%, but her withdrawal request was rejected. The person she had been communicating with, along with a so-called investment expert, then became unreachable. The victim later confirmed losses of more than HK$26 million. Police warned investors to be cautious of people who build relationships through social platforms and later recommend investment products, especially offers involving virtual currency, promises of guaranteed high returns, or requests to trade through unfamiliar platforms. Authorities said investors should not lower their guard over fund security because of emotional attachment or trust.
Hong Kong law enforcement received 25 romance-related investment fraud reports between July 24 and July 30, with total losses nearing HK$70 million, Odaily reported, citing Dongwang.
In one of the larger cases, a woman in her 50s who worked in insurance was allegedly induced to invest in virtual currency by an online romantic interest who claimed to be a car trader. Last month, the victim found that the investment platform showed account returns of more than 800%, but her request to withdraw funds was rejected. After that, both the online romantic interest and a supposed investment expert became unreachable. The victim eventually confirmed cumulative losses of more than HK$26 million.
Police warned investors to stay alert to investment recommendations that come after relationships are built through social platforms, especially those involving virtual currency, guaranteed high returns, or trading through unfamiliar platforms. Authorities said people should not relax fund security precautions because of emotion or trust.
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