The authorities continue to urge the public to remain cautious and verify the legitimacy of financial transactions to avoid falling victim to such elaborate scams.
In a significant crackdown on financial fraud, Hong Kong police have arrested four individuals, including a 14-year-old, for their involvement in a syndicate using counterfeit banknotes to defraud cryptocurrency owners.
According to local media, the operation resulted in losses of up to HK$11 million (US$1.4 million). The arrests are part of ongoing efforts by law enforcement to combat the rise in crypto-related scams in the region.
Chief Inspector of the Commercial Crime Bureau, Lo Yuen-shan, revealed on July 28 that the latest arrests bring the total number of individuals apprehended in connection with these scams to 14 since October of last year.