Six held over HK$14m agarwood investment scam
Police on Thursday said they smashed a cross-border syndicate accused of running an elaborate investment fraud centred on agarwood trees, arresting six people and seizing more than HK$14 million linked to the scheme. The suspects, aged between 52 and 66, include the mastermind and several core members of the group, the force said. Officers raided the company's office and warehouse in Kwun Tong…
Police have dismantled a cross-border investment fraud ring accused of defrauding investors out of over HK$14 million through agarwood tree schemes, arresting six individuals including the mastermind and core members. The suspects, aged between 52 and 66, had their company's office and warehouse raided in Kwun Tong, along with their residences.
Since September, the force has been alerted by 21 victims, mostly elderly, who lost anywhere from HK$30,000 to HK$1.9 million after falling for investment schemes promoted by a local company from 2017 to the present. The company ran at least four investment plans, with the earliest promising a 36% annual yield with a HK$10,000 investment.
Starting in 2024, investors discovered they could no longer retrieve their principal or interest, leading to the introduction of new schemes such as intellectual property licensing, a cryptocurrency, and automated car wash station investments to try and maintain the illusion of ongoing returns.
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- Six held over HK$14m agarwood investment scam news.rthk.hk
