Suspect Arrested in Hong Kong for Scamming Crypto Trader out of HK$1.5M

On Tuesday, a Hong Kong man used to be arrested for stealing HK$1.5M from a female seller in Tsim Sha Tsui, an urban district in southern Kowloon, Hong Kong.

A 24-one year-worn man used to be arrested by Hong Kong police Tuesday for allegedly stealing funds from a Hong Kong citizen, an offense punishable by up to 10 years in penal complex. The suspect allegedly lured the sufferer and two colleagues into the meeting room of a store in Tsim Sha Tsui, where the sufferer transferred $HK1.5M (US$191,085) to an e-wallet. The suspect then exited the premises below the pretense that he would rep money for the sufferer. The sufferer and her colleagues then chanced on they were locked in and called the police, who tracked down the sufferer on Tuesday in Sham Shui Po in northern Kowloon.

The police non-public now not recovered any money however seized just among the suspect’s non-public effects from the synthetic store, which had been rented below the name of a shell firm. “Internal the shop, the banknote counter used to be now not connected to electricity. What regarded esteem computers were factual empty cases,” stated Inspector Tong Sin-tung of the Yau Tsim felony investigation unit on Wednesday.

Police urge warning

Tong entreated residents to be cautious when taking part unknown persons for monetary transactions and to make disclose of honest platforms. In a separate incident occurring in June 2021, a particular person used to be cheated out of HK$124M  by two males and a woman promising plentiful returns for an investment in a cryptocurrency called Filecoin. When the sufferer chanced on that he couldn’t withdraw his funds following a smash within the price of Filecoin and the so-called investors were nowhere to be chanced on, he alerted authorities.

Cryptocurrency crimes, particularly those spirited money laundering, are nothing new in Hong Kong. Criminals convert the money to cryptocurrency to enable rapidly unsuitable-border transactions. Since an anti-fraud regulations enforcement division used to be arrange in July 2017, authorities estimate that local and global scammers’ $3.72B price of in heart-broken health-gotten gains passed by Hong Kong bank accounts and cryptocurrency wallets. Police were ready to intervene in about 31 percent of those transactions. At the an identical time, HK$19.94B stays out of their reach within the fingers of world criminals. “Deception victims are deceived to switch cryptocurrency to the e-wallets equipped by the culprits right this moment,” stated the police. In response, the pale British colony requires all cryptocurrency procuring and selling platforms to be registered with a local watchdog and follow anti-money laundering and counterterrorism financing suggestions.

Anti-money laundering in tantalizing focal point since closing one year

Money-laundering checks non-public landed some companies in hot water. Within the U.S., the Workplace for the Comptroller of the Currency withdrew its approval of Anchorage Digital Financial institution’s federal structure as a cryptocurrency custodian and service provider to retail investors, citing insufficient anti-money laundering measures in April 2021. In August, just a few months later, BitMex used to be slapped with a $100M comely by the Commodities and Futures Buying and selling Price for its failure to originate sufficient anti-money laundering policies.

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