Hong Kong Police Arrest Crypto Exchange Shop Employees on Suspicion of Fraud
The man alleged that he had sold about HK$1 million worth of Tether (USDT) at a Tsim Sha Tsui shop but could not retrieve the cash. Later, an investigation revealed that the suspects had presented stacks of hell banknotes, each with a face value of HK$500
Hong Kong police have arrested three employees of a currency exchange shop suspected of engaging in fraudulent activities. This action followed an incident where a customer reportedly encountered stacks of "hell money" before executing a cryptocurrency transfer worth approximately HK$1 million. On Wednesday, Hong Kong's technology crime division apprehended three individuals aged between 31 and 34. The authorities seized 3,000 hell banknotes, a safe, and a note-counting machine from a store in Tsim Sha Tsui. Among the confiscated items were hell banknotes, which are used in traditional Chinese rituals as offerings to ancestors or deities. The arrest followed a report from a 35-year-old man on April 12. The man alleged that he had sold about HK$1 million worth of Tether (USDT) at a Tsim Sha Tsui shop but could not retrieve the cash. Later, an investigation revealed that the suspects had presented stacks of hell banknotes, each with a face value of HK$500. They then persuaded the victim to transfer the USDT to a cryptocurrency wallet they provided. Upon receiving the virtual currency, the suspects failed to fulfill their agreement. They gave various excuses and swiftly departed from the scene, leaving the victim empty-handed. In Hong Kong, fraud carries a penalty of up to 14 years imprisonment. Meanwhile, individuals charged with obtaining property by deception could face a maximum sentence of 10 years. Following the incident, Hong Kong authorities have asked residents to exercise caution when conducting transactions. They have also advised them to opt for reputable cryptocurrency exchange shops and inspect banknotes for security features to prevent falling victim to such scams.
