Dangerous Online Acquaintances: New Crypto Scam Scheme
Hong Kong authorities are investigating a fraud in which scammers used a virtual romance to swindle an insurance specialist out of more than 26 million Hong Kong dollars. The scheme was built on trust, with funds transferred in cash and via bank transfers. In the last week of July, 25 similar cases were recorded with losses of about 70 million Hong Kong dollars.
Hong Kong law enforcement is investigating a major financial fraud in which scammers used a virtual romance to extract savings from an experienced insurance specialist. The victim lost more than 26 million Hong Kong dollars, equivalent to about 3.3 million US dollars. The scheme began when a mutual acquaintance introduced the victim to a woman who allegedly needed insurance advice. Later, she connected him with a man nicknamed Uncle, who posed as a car dealer. Contact was maintained via WhatsApp. The fraudster gradually gained trust, initiated a virtual romantic relationship, and suggested investments through a trading platform. To appear convincing, the victim was introduced to another participant who allegedly owned the service. Over six months, the victim handed over more than 4 million Hong Kong dollars in cash during personal meetings and nearly 22 million via bank transfers. The fraud was uncovered when the app showed a profit of over 800 percent, but when attempting to withdraw, the platform blocked the transaction and the contacts disappeared. Police note that in the last week of July, 25 similar crypto fraud episodes were recorded in Hong Kong, with total losses of about 70 million Hong Kong dollars. Criminals spend months building trust, exploiting emotions, and victims are often qualified professionals.