38 Hongkongers lose HK$12 million to scammers posing as big banks, finance companies offering low-interest loans

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Nearly 40 Hongkongers were conned out of a total of HK$12 million (US$1.5 million) in fraudulent low-interest loans, according to a member of the Democratic Party.

Consumer rights advocate of the party Ramon Yuen Hoi-man revealed 38 people had approached him for help since July, with the victims saying they had fallen prey to fraudsters posing as representatives for financial institutions offering low-interest loans.