Uni student arrested over $500,000 low-interest mortgage phone scams

A 24-year-old man was arrested on suspicion of involvement in two phone scams related to low‑interest mortgage loans, with the total fraud amount reaching nearly HK$500,000.

The man, who claimed to be a university student, will be charged with conspiracy to defraud and will appear at Tuen Mun Magistrates’ Courts. Police said that the suspect assisted the fraud syndicate by posing as staff from law firms and financial institutions in exchange for about HK$800 in reward.

According to police, a 61-year-old female victim reported on Sunday (Mar 8) that she received a call in January from someone impersonating a bank staff member, claiming to offer low-interest mortgage loans but demanding an upfront deposit. 

Following the scammer’s instructions, the woman met a person posing as a law firm staff member last Friday (Mar 6) at Yuen Long MTR Station. She signed forged mortgage documents and transferred more than HK$300,000 into the scammer’s bank account. 

Two days later, the caller demanded an additional deposit of nearly HK$1 million, prompting the victim to suspect fraud and alert the police. 

Police arrested the suspect while the victim was pretending to make another payment. Investigators believe the suspect used the same tactic to deceive another victim at Mei Foo MTR Station last Friday.