Hong Kong police received more than 50 reports of investment scams in the preceding week, involving losses of more than HK$30 million.
In one police-reported case, a retired woman in her sixties met someone posing as a tenant through a property platform. The person claimed to be an investment expert, promoted cryptocurrency and sent her a website displaying supposed gains.
Following the person's instructions, she bought Tether in 20 separate transactions at physical cryptocurrency exchange shops, then transferred it to a wallet provided by the person to invest in Ether. She initially withdrew money successfully and continued investing. When she later tried to withdraw again, the person demanded Tether worth about HK$7 million as tax. Her eventual loss exceeded HK$4.5 million, police said.
Police warned people to be alert if a rental conversation turns to investment. They said demands for tax, a deposit or fees before releasing a withdrawal are highly likely to indicate a scam.