Hong Kong man loses HK$2.8 million in investment scam, among 50 cases in past week

A 60-year-old Hong Kong man has lost more than HK$2.8 million (approximately US$357,000) in an online investment scam, as part of a wave of 50 such cases in the past week, resulting in losses exceeding HK$30 million, according to police reports.

The victim came across the scam on Facebook, where he was contacted by a fraudster posing as an employee of CLP Power, one of Hong Kong's main electricity providers. The scammer claimed the company was partnering with State Grid Corporation of China, a state-owned electricity supplier, to launch a "recyclable waste project". However, no official website or further details were provided.

In the messages, the fraudster assured the victim of high returns, showing a forged Hong Kong identity card and a handwritten statement to convince him to transfer HK$1.5 million into different bank accounts. When the victim expressed doubts, the scammer continued to promise returns, presenting forged staff cards and a fake HK$9 million cheque, claiming that the profits from the project had already been realized.

The victim was then asked to transfer further sums before receiving any dividends, which led him to believe he had been scammed.

Police advise residents to verify the identities of company employees through official channels before investing and not to share sensitive personal data with anyone claiming to be an "internal employee" of any organization. They warn against investments that promise "high returns with zero risk" and advise against transferring money to unknown bank accounts.