Hong Kong police arrest 4 alleged offenders who used counterfeit banknotes to defraud cryptocurrency holders

On July 28, according to SCMP, Hong Kong police arrested four people, including a 14-year-old teenager, in an operation against a criminal syndicate suspected of using counterfeit banknotes to defraud victims of cryptocurrency. Police said that two of the four suspects were the masterminds responsible for finding counterfeit banknotes and venues as fake cryptocurrency trading shops, as well as finding victims online. They invited victims to the shop and showed them piles of counterfeit banknotes to show that they could easily settle transactions without handing over any cash. After the alleged offender won the trust of the victims, they convinced them to conduct transactions online. Once the cryptocurrency was transferred, the alleged offender immediately transferred the assets out of the account and refused to pay. This tactic has been common in recent cases, with 14 people arrested for defrauding 12 victims 11 million Hong Kong dollars between October last year and last Friday.