In an important move, the Hong Kong police arrested three persons involved in connection with a cryptocurrency scam that defrauded a businessman out of HK$3.11 million, approximately US$399,000. The con artists offered to the businessman to change the cryptocurrency stored for cash with an exclusive interest rate but instead received illegal HK$1,000 bills in the counterfeits made from the paper factory.
The Scam Unfolds
Aurora steal included the con-artists releasing the real banknotes on top of a series of banknotes which were vastly similar in their look; consequently, they seem to be real currencies. These stacks of bills will receive for the Virgin’s approval of the USDT, in exchange. Subsequently, the victim would have to send out his HK$3.11 million in USDT to the pocket held by the tricksters, and there were promises that he would get cash for it.
Training banknotes are usually used for the purpose of training bank staff and they virtually coincide with real bank notes, only that there are three Chinese characters written on a banknote which “Mean practicing coupons,” while the others are only written with figures and English characters. Consequently, these notes are without their watermarks, which are contained in the original currency, and, therefore, it is very easy to mistake them for legal banknotes and only if you are very attentive
Victim’s Inspection Refused
The police reported that the victim, when he asked the supposed banknotes to be inspected, the scammers were acting passively and steadfastly keeping the exculpatory excuse by saying the process was stalled as their “store manager” had not instructed them yet. This is too late for the victim, who already transferred the cryptocurrency, although the reluctance did trigger some suspicion among different parties.
Police Raid and Arrests
The scam was based in the Mongkok district of Hong Kong which is noted for its very busy market. As a result of a police investigation, the conmen’s hiding place was discovered, which turned out to be their office, and so the police went there and confiscated 10,978 counterfeited banknotes. The three people, who were a part of the case, were turned in so that they would face the law through deception of property obtaining and counterfeit banknotes holding and they were the ones to be constrained. Should they be finally found guilty, they will receive 10 years of detention if the deception and passing of the counterfeit banknotes turns out to be true and another 14 for the production and passing of the notes.
Recurring Scams
There were many such cases in Hongkong in recent times. The authorities throughout the period have uncovered several similar scams in Hong Kong. Only last month, the police confiscated a great amount of cash, HK$2.55 million-fake notes (about US$326,130), which had been involved in cryptocurrency scams of a similar kind. These sorts of wrongdoings led to a significant number of crimes that engaged the cryptocurrency-for-cash spuriousness and USDT too.
Besides these training notes, the cops had captured the hell banknotes that are used in the traditional Chinese rituals when they are making offerings in respect of their late family members or spirits.
The persistent efforts coming from the Hong Kong police do not only emphasize the importance of the close monitoring in the market but also make sure that such frauds shall not be overcome.
