Hong Kong police have arrested a man accused of stealing $191,085 from a cryptocurrency trader in what turned out to be a fake transaction.No funds were recovered at the time of the suspect’s arrest and an investigation is underway to determine whether Men have accomplices.
No funds recovered
Hong Kong police recently arrested a 24-year-old scammer accused of missing $191,085 (HK$1.5 million) in cryptocurrency. The crook could now face up to 10 years in prison if convicted, a report said.
According to the South China Morning Post Report The suspect’s plan was detailed, and when law enforcement officers finally arrested the 24-year-old on May 10, no funds were recovered. According to reports, the only items recovered were a mobile phone, necklace and clothes the suspect was wearing at the time of the alleged crime.
Explaining how the suspect managed to use the unnamed cryptocurrency trader’s funds to disappear, Hong Kong Police Inspector Tong Shandong of the Yau Tsim Criminal Investigation Unit said:
As instructed, the victim transferred HK$1.5 million in digital currency to a designated e-wallet.this [buyer] Claims he needs to go to the staff room to withdraw money and quit [the meeting room].
A possibility of further arrests
Hong Kong police believe the suspect may have fled from the back exit of a shop in Tsim Sha Tsui. However, the suspect reportedly locked the cryptocurrency trader and her colleagues in the store before disappearing. Cryptocurrency traders called the police after realizing they had been duped.
Meanwhile, the report says detectives have yet to determine whether the suspects set up offices specifically to defraud cryptocurrency traders. Tong added that police are also investigating the possibility that the suspect may be complicit. The inspector added that police did not rule out the possibility of making more arrests.
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