4 men and women arrested in Tsim Sha Tsui Jade Company involved in fraud, police report 200 victims involved in $50 million　

Burst

Written by: Yang Wanting, Huang Diwen, and Chen Haoran

2020-08-07 17:09

A jade investment company in Tsim Sha Tsui was involved in fraud. The police believed that there were 200 victims, involved 50 million yuan, and 4 people have been arrested. According to the police, the victim invested in the "Hong Kong Jade Cat International Jewelry and Jade Company" in Tsim Sha Tsui earlier, and the other party promoted a high-return jade investment plan, claiming to have 11% monthly return, zero risk and guaranteed profit. The victim believed that it was true and invested successively However, afterwards, everyone was unable to obtain a return and was suspected of being deceived. More than 30 victims reported to the police for help, involving 8 million yuan. After investigation, the police arrested 1 man and 3 women involved in fraud, aged between 42 and 62. The police said that intelligence showed that more than 200 victims were believed to have been defrauded and the amount involved exceeded 50 million yuan. The police urged those who have not reported the case to call 3661 9351 to contact the police.

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Fraudsters rent shops, office buildings, design mobile apps

Yau Tsim Police District Crime Squad Inspector Xu Junxuan explained the facts of the case and said that more than 30 people have reported that they were defrauded by Hong Kong Jade Cat International Jewelry and Jade Investment Company from June 2018 to April this year. The scammers first took the victim to a high-end decorated jade shop, during which they promoted a high-return jade investment plan, and then took the victim to a rented high-end office building in Tsim Sha Tsui to discuss investment details. The scammers claimed that the investment plan could have a monthly return of 11%, zero risk, and guaranteed profit. The victims believed it was true and invested 50,000 to 2 million Hong Kong dollars respectively. The fraudsters even designed mobile apps to allow investors to manage their investment accounts. The victim did not do so and increased the investment amount and introduced more people to participate in the investment. According to the police, the returns displayed in the APP are virtual figures. Scammers will use various excuses such as investment failure, poor turnover, delay in cashing out returns, and eventually disappear. Jade shops and office buildings are also closed one after another. The victims suffered a total loss of approximately HK$8 million.

The police targeted key members of the criminal syndicate and arrested 1 local man and 3 women, aged between 42 and 62. The police did not rule out the arrest of more people. The police said that intelligence showed that more than 200 people were believed to have been defrauded and the amount involved exceeded 50 million yuan. The police urged the victims to report the crime or call the police on 3661 9351. The police remind the public that fraudsters may not provide actual investment content. When it comes to high-return investments, investors need to be vigilant and guard against fraud.

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