Hong Kong, Macau police arrest 8 over HK$100m Vietnam coffee investment scam

Hong Kong and Macau authorities have apprehended eight individuals as part of an operation targeting a fraudulent investment scheme that defrauded over 200 people of nearly HK$100 million (US$12.75 million). The scam, operating under the name Fun Coffee, targeted investors with the promise of a "kinetic coffee philosophy" and a world's first "sports-coffee-value ecosystem."

The syndicate, which claimed to be a coffee investment enterprise based in Phu Quoc, Vietnam, had established a network in Hong Kong and sought investments through its English-language website and mobile app. Between July 20 and Monday, Hong Kong's Commercial Crime Bureau, in partnership with Macau's Judiciary Police, conducted investigations, leading to the arrest of six suspects in Hong Kong and two in Macau on charges of conspiracy to defraud.

The operation also involved searches of their premises, resulting in the seizure of HK$147,000 in cash, bank cards, mobile phones, and other materials. The victims, aged between 32 and 83, were primarily retirees who were lured by the prospect of high returns, ranging from 197 to 278 percent annually. Despite early small returns, many investors failed to grasp the company's true nature, the risks involved, and the disappearance of its online platform.

The company's headquarters in Kowloon Bay and a branch in Mong Kok had also ceased operations, with the latter facing unpaid rent notices. In May, Vietnam's Ministry of Public Security had issued a warning regarding Fun Coffee as a potential Ponzi scheme, prompting the shutdown of its Vietnamese website.