Hong Kong police arrest 4 on suspicion of conning 11 people out of HK$8.5 million
- Fraud syndicate members posed as bank employees and cold-called targets to offer loans with low interest rates
- Victims include retired civil servant who lost his entire HK$2 million retirement fund to fraudsters
Hong Kong police have arrested four people in a crackdown on a fraud syndicate suspected of cheating 11 loan applicants out of HK$8.5 million (US$1.1 million), including an ex-civil servant who lost his entire retirement fund.
The fraud syndicate members posed as bank employees and cold-called their targets to offer loans with low interest rates, Inspector Yan Sze-ho of the Central district crime squad on Friday said.
The victims were referred to the Sheung Wan office of a financial intermediary company, where they were persuaded to sign documents and pay a surety to secure the loans.
According to the force, the retired government employee was conned out of his entire HK$2 million retirement fund.
“He was seeking a [low-interest] loan of HK$6 million, but was coaxed into paying HK$2 million as a surety to secure it,” Yan said.
The scam came to light after the former civil servant could not reach the staff members at the Sheung Wan office.
