Hong Kong police have made six arrests linked to a lengthy investment scam that spanned nearly a decade. The alleged fraud, orchestrated by a suspected cross-border criminal syndicate, promised lucrative opportunities in agarwood and cryptocurrency, amassing HK$14 million (US$1.78 million) from victims.
Superintendent Allan Chu Ming-lun of the commercial crime bureau revealed that the investigation began in September after 21 complaints were filed, primarily by elderly investors. Many had poured money into various products offered by BBB Group (Hong Kong) as early as 2017. According to Chu, the firm used delays and excuses to avoid repaying investors.
The victims ranged in age from 52 to 82, with individual investments varying from HK$30,000 to HK$1.9 million. The total loss reported by the 21 victims reached HK$14 million. Police are now working to uncover the full extent of the syndicate's operations and hold those responsible accountable.