Hong Kong Police Arrest Four Suspects for Allegedly Using Counterfeit Banknotes to Scam Cryptocurrencies

Police in Hong Kong have arrested four suspects, including a 14-year-old teenager, for their alleged involvement in a cryptocurrency scam using fake banknotes, Wu said. The four suspects were responsible for procuring counterfeit banknotes, disguising themselves as fake cryptocurrency exchange stores, and finding victims online.

They gained the trust of their victims by displaying piles of counterfeit banknotes before conducting online transactions and quickly transferring the cryptocurrencies. Chief Inspector Lo Yuen-shan of the Commercial Crime Bureau revealed that 14 people have been arrested in similar cases since October last year, involving losses of HK$11 million.