Hong Kong woman loses HK$21.5 million in cryptocurrency scam

A 60-year-old woman from Hong Kong has suffered financial losses exceeding HK$21.5 million (US$2.7 million) due to falling victim to a cryptocurrency scam orchestrated by a fraudster. This deceitful individual posed as an investment professional on an online forum called "Baby Kingdom" where the victim had initially met and formed a friendship with them.

The fraudster then led the woman into investing in a fraudulent cryptocurrency platform that assured substantial returns. The woman proceeded to transfer HK$19 million to the fraudulent site, believing in the fraudulent promises. Shortly after, another individual posing as a compliance officer contacted her, claiming the woman's account was implicated in money laundering and demanding further funds to rectify the situation.

The woman complied with these instructions, transferring an additional HK$1.2 million. She reported the incident to the police once she realized the extent of the fraud. Between March and September, she lost a total of HK$21.5 million. The case has been categorized as obtaining property by deception and has been forwarded to the Sau Mau Ping district investigation team.