Hong Kong and Macao Investors Scammed Out of $13.71 Million in 'Fun Coffee' Scheme

Hundreds of people in Hong Kong and Macao were allegedly lured into investing in a HK$107.5 million ($13.71 million) 'Fun Coffee' scheme, promising high returns on cryptocurrency investments.

The company claimed to have developed sophisticated brewing machinery, optimized coffee-gene technology, and intelligent irrigation and fertilization systems for its coffee-based ventures.

Victims reported losses ranging from HK$3,000 to around HK$9.6 million, with one person allegedly cheated out of HK$10 million.

Hong Kong lawmaker Johnny Ng Kit-chong warned that the case might involve over 1,000 victims and proposed freezing crypto assets or funds when regulators flag suspected trading or risks of fraud.