{
  "id": 14684482,
  "title": "6 arrested over HK$14m agarwood and crypto investment scam that ran for 9 years",
  "url": "https://urgent.news/2026/10/15/6-arrested-over-hk-14m-agarwood-and-crypto-investment-scam-that-ran",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-15T11:13:16.000Z",
  "source": {
    "name": "South China Morning Post - Hong Kong",
    "slug": "south-china-morning-post-hong-kong",
    "url": "https://www.scmp.com/news/hong-kong/law-and-crime/article/3371037/6-arrested-over-hk14m-agarwood-and-crypto-investment-scam-ran-9-years"
  },
  "original_language": "en",
  "account": "Six individuals have been arrested in Hong Kong, allegedly linked to a nine-year scam involving agarwood and cryptocurrency investments, with funds amounting to HK$14 million. The investigation began in September after police received 21 reports of victims, primarily elderly individuals, who had invested in products offered by the BBB Group (Hong Kong) between 2017 and the present day.\n\nSuperintendent Allan Chu Ming-lun of the commercial crime bureau stated that the firm would use various excuses to delay cash withdrawals, attempting to evade repayment to investors. Most victims were between 52 and 82 years old, with individual investment amounts ranging from HK$30,000 to HK$1.9 million. The total from 21 victims reached HK$14 million.\n\nThe victims had invested with BBB Group, which claimed to operate offices in Malaysia, Singapore, and New York. Six people, including two men and four women aged between 52 and 66, were arrested. One suspect was identified as the mastermind, a Malaysian passport holder.\n\nPolice seized approximately HK$540,000 in cash, 25 laptops, mobile phones, investment contracts, and suspected agarwood goods from the firm's premises in Kwun Tong. BBB Group had claimed to manage multiple agarwood plantations in Malaysia and partnered with local companies to produce and sell agarwood-based products, such as essential oils and tea leaves.\n\nThe scheme offered investors various investment plans between 2017 and 2024. The first plan, launched in 2020, promised a monthly return of HK$300 by purchasing an agarwood tree for HK$10,000, supposedly yielding a 36% annual return over three years. Investors were required to withdraw funds at the firm's office, but by 2024, some realized they could not retrieve their principal investment or returns.\n\nStarting in 2024, BBB Group staff allegedly introduced new investment plans while delaying withdrawal requests, inviting victims to switch to these new schemes. One plan, introduced last year, allowed investors to become \"licensees\" of BBB Group, promising a 25% annual return over three years with the principal retrievable at the end. However, interest disbursements ceased after two months, and the company used various excuses to further delay cash outs and interest distributions.\n\nIn another recent plan, the firm introduced a cryptocurrency called iBBB, which supposedly tokenized agarwood trees. The value of iBBB plummeted by 99.92% since its launch, making it impossible for investors to recover their funds.",
  "summary": "Hong Kong police have arrested six people allegedly tied to a nine-year scam run by a suspected cross-border criminal syndicate offering business opportunities in agarwood and cryptocurrency, with funds involved reaching HK$14 million (US$1.78 million). Superintendent Allan Chu Ming-lun of the commercial crime bureau said on Thursday that investigations began in September after the force received…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "South China Morning Post",
        "title": "6 arrested over HK$14m agarwood and crypto investment scam that ran for 9 years",
        "url": "https://urgent.news/2026/10/15/6-arrested-over-hk-14m-agarwood-and-crypto-investment-scam-that-ran-14684502",
        "published": "2026-10-15T11:13:16.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}