Woman defrauded of over $26mn in online investment scam

A Hong Kong woman has fallen victim to an online investment scam, losing more than HK$26 million, according to the police.

Police said the victim was approached on an online platform by a man who claimed to be an investment expert. The man encouraged the victim to invest in stocks via a popular messaging app.

The scam began last November when the woman transferred HK$100,000 to a bank account provided by the suspect. Over the following six months, she made 26 separate transactions, handing over around HK$26 million in cash and a gold bar valued at about HK$430,000 to 14 different individuals, police said.

After realizing she had likely been deceived, the woman filed a report with the police last Thursday. Police have classified the case as "obtaining property by deception." No arrests have been made so far.