Hong Kong woman swindles landlords out of HK$4.3m in crypto investment scam

A 67-year-old woman has been arrested in Hong Kong for orchestrating a crypto investment scam that defrauded two landlords of HK$4.3 million (US$510,008), according to the Western district crime squad. Police allege that the suspect posed as a prospective tenant to entice two victims who were advertising a flat and a parking space for rent.

She convinced them to invest in a purportedly lucrative venture, providing them with free mobile phones loaded with a cryptocurrency investment app. Despite the app's legitimacy, it was manipulated with fraudulent links that covertly transferred the victims' digital wallet control to the scam syndicate. Once the victims deposited their funds, the money was stolen.

One victim lost over HK$1 million while the other suffered losses exceeding HK$3 million. The woman, considered a key member of the conspiracy, was apprehended at her residence on Monday and is accused of persuading victims to deposit funds and facilitating the syndicate's operations to steal the cryptocurrency. The suspect is anticipated to face charges of obtaining property by deception and will be brought before Eastern Court on Thursday.