The police broke the "WeChat female" market-making case News: Involving 900 million yuan, 12 men and women were arrested

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Written by: Huang Weimin and Li Jingshan

2021-03-05 12:56

Last update date: 2021-03-05 12:56

The police and the Securities and Futures Commission (SFC) took a joint action to crack down on the "sing high bulk" group.

According to the news, the officers arrested 7 men and 5 women, aged between 23 and 65, on charges of money laundering or fraud, frozen and seized more than HK$900 million in assets.

The arrested person is suspected of using the "sing high bulk" tactics, using social platforms to tout the potential and price of stocks, and misleading investors to buy at high positions. The illegal group sells a large number of stocks at high positions for profit, involving multiple different stocks.

The Wealth Investigation Team of the Police Narcotics Bureau will hold a press conference with the Securities and Futures Commission at 3 pm today (5th), and "Hong Kong 01" will be broadcast live at that time.

Regulators are very concerned about the use of social media to "sing high in bulk". Earlier, the China Securities Regulatory Commission issued a press release on related behaviors and requested 15 brokerage firms to freeze the accounts of suspicious clients.

The "sing high bulk" technique is to use social platforms to tout the potential and price of stocks, misleading investors to buy at high positions, and then illegal groups sell large amounts of stocks at high positions to make profits.

According to the news, the police and the Securities Regulatory Commission took joint actions and finally arrested 12 locals on charges of money laundering or fraud. They were 7 men and 5 women, aged between 23 and 65.

During the operation, the SFC and the police froze a number of securities and bank accounts, and seized a large amount of cash and valuables, with a total value of more than HK$900 million, involving a number of different stocks.

The Wealth Investigation Section of the Police Narcotics Bureau and the Securities and Futures Commission held a press conference at the Wan Chai Police Headquarters at 3 pm today (5th) to introduce the arrest and search operations of the "Sing High Bulk" group.

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