Saudi Press

Saudi Arabia and the world
Saturday, Mar 07, 2026

Hong Kong Police arrest 19 in HK$11m cryptocurrency scam

Hong Kong Police arrest 19 in HK$11m cryptocurrency scam

Police arrested 19 persons in connection to a cryptocurrency scam, where around 170 victims from the city and overseas were cheated of about HK$11 million.
Officers arrested 11 men and eight women, aged from 18 to 31, for conspiracy to defraud on Wednesday and Thursday. Among the suspects were the mastermind of the syndicate, technicians, managers and promoters. Some of them were triad members and 10 of them were core members of the syndicate.

According to the police, the syndicate rented units at commercial buildings in the city as their operation center. They also hired youngsters to be promoters, having them showing off cash, yacht and sport car on social media to lure other victims.

The fraudsters first instructed the victims to transfer money into their cryptocurrency e-wallets and bank accounts, claiming the sum will be used for investment.

They also told victims to download non-official cryptocurrency apps and transfer money to the apps or the false website designed from the fraudsters.

As the victims successfully transferred the money, their accounts on the apps or on the website, controlled by the fraudsters, will show them their investment was making profit.

The victims then discovered that they were cheated of the money as they failed to withdraw the amount, and the fraudsters had taken away the cryptocurrency and gone already.

Apart from Hongkongers, the case also involved victims from other regions, including Taiwan, Mainland and the UK.

Police in the operation confiscated nine computers, 128 smartphones, cash worth HK$1.4 million, cryptocurrency worth around HK$50,000 and a sport car in connection to the case.

Officers found one of the victims lost up to HK$760,000, marking the biggest loss in a single case.

The 19 arrested suspects were remanded for questioning. Police didn't rule out further arrests to be made.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Saudi Arabia Warns Iran While Expanding Diplomatic Efforts to Contain Widening Middle East War
Iran’s President Rejects U.S. Surrender Demand as Drone and Missile Strikes Hit Gulf States
Saudi Arabia Intercepts Drone Swarm Targeting Strategic Shaybah Oil Field
Pakistan Faces Growing Pressure to Balance Ties With Iran and Saudi Arabia as Regional War Intensifies
Middle East Conflict Tests Mohammed bin Salman’s Vision to Transform Saudi Arabia Into a Global Hub
Proposed U.S.–Saudi Nuclear Deal Could Ease Traditional Nonproliferation Requirements
Iran Claims Strike on U.S.-Linked Oil Tanker Near Saudi Waters as Maritime Tensions Escalate
Saudi Arabia Says Air Defences Destroyed 23 Drones and Three Missiles Amid Escalating Regional Conflict
Saudi Arabia Warns Iran Against ‘Miscalculation’ After Missile and Drone Attacks Across Gulf
Iranian Missiles Intercepted Across Gulf as Air Defences Activate in Saudi Arabia, Qatar, UAE and Bahrain
U.S. Justice Department Pursues Criminal Cases Against Cuban Officials in New Legal Push
Abrupt Cancellation of U.S. Army Exercise Sparks Speculation Over Possible Middle East Deployment
Saudi Arabia Led OPEC Output Surge Ahead of Iran Strikes, Survey Finds
Cristiano Ronaldo Travels to Spain for Hamstring Treatment After Injury in Saudi Pro League Match
Saudi Aramco Reroutes Oil to Red Sea as Strait of Hormuz Disruptions Hit Gulf Exports
Saudi Arabia Presses Ahead With Economic Diversification Despite Fiscal and External Deficits
Middle East Conflict Puts Bahrain and Saudi Arabian Formula One Races at Risk
Iran Targets Israeli Diplomatic Site in Bahrain and US Air Base in Qatar as Regional Conflict Expands
Saudi Arabia Intercepts Three Ballistic Missiles Targeting Prince Sultan Air Base
Iran Launches Fresh Missile and Drone Attacks Across Middle East as Regional War Intensifies
Saudi Arabia Opens Direct Communication Channel With Iran in Bid to Prevent Wider Regional War
Saudi Arabia Maintains Strong Fiscal Position Despite Global Uncertainty, Finance Ministry Says
Saudi Arabia Considers Response After Iranian Drone Strike Hits Major Northern Oil Refinery
Saudi Carrier Flynas Plans Limited Flight Resumption to Dubai Amid Regional Tensions
Saudi Arabia and UAE Pledge Close Coordination to Secure Oil Supplies for Japan
Middle East Conflict Casts Doubt Over Bahrain and Saudi Arabian Formula One Races
Iran Rejects Claims of Attacks on Türkiye, Azerbaijan, Saudi Arabia and Oman
Saudi Arabia Condemns Iranian Strikes Targeting Türkiye and Azerbaijan
Saudi Pro League Orders Clubs to Continue Matches Despite Escalating Regional Conflict
U.S. Embassy in Riyadh Issues Emergency Security Alert After Drone Strike and Escalating Regional Threats
Saudi Arabia Scrambles to Redirect Oil Exports as Gulf Storage Nears Capacity
Iran Expresses Gratitude to Saudi Arabia for Closing Airspace During Escalating Conflict
Saudi Arabia Fears Iranian Strikes Could Target Senior Leaders as Regional War Escalates
Iran Says Its Strikes Target Only U.S. Military Assets and Denies Attacking Saudi Arabia
Drone Strike Hits U.S. Embassy in Riyadh as Middle East Conflict Escalates
Tom Brady’s Saudi Flag Football Event May Shift to U.S. as Middle East Conflict Disrupts Plans
Iran War Strikes Saudi Arabia at a Critical Moment for Its Economic Transformation
Saudi Cabinet Declares Kingdom Will Take All Necessary Measures to Defend National Security
United States Urges Citizens to Leave Fourteen Middle Eastern Countries as Iran War Escalates
Saudi Aramco’s Ras Tanura Refinery Targeted Again in Second Drone Attack Within Two Days
Saudi Pro League Orders Clubs to Continue Fixtures Despite Rising Middle East Conflict
Trump Pursues Major Civil Nuclear Agreement With Saudi Arabia Amid Regional Turmoil
Mass Drone Attacks Strike Gulf States as Iran Conflict Spreads Across Region
No Verified Confirmation of Ronaldo Departure Linked to Iran Conflict or AFC Suspension
No Verified Evidence of Israeli Intelligence Arrests in Qatar or Saudi Arabia
Drone Attack Forces Temporary Shutdown of Saudi Arabia’s Largest Oil Refinery
Israel Intensifies Air Campaign in Tehran as Iran Expands Regional Retaliation
Iranian Strikes Escalate Middle East Conflict, Drawing Saudi Arabia Closer to Wider War
No Verified Confirmation of Drone Strike on King Fahd Causeway Amid Regional Tensions
No Verified Evidence Saudi Crown Prince Is Seeking to Weaken Israel Amid Regional Tensions
×