Hong Kong police warn of surge in investment scams offering mainland Chinese stocks, with largest case this year involving HK$4.5mil

Police say 79 such scams recorded during first four months of 2023, up from single case logged during same period last year. Scammers dupe victims into downloading fake ‘A-shares Connect’ mobile investment app, before directing them to send funds to local bank accounts, force warns. — SCMP

Hong Kong police have warned of a growing number of investment scams offering mainland Chinese stocks involving a fake app and fund transfer requests, with one victim losing HK$4.5mil (RM2.63mil or US$575,110) in the largest case recorded this year.

According to the force, 79 such scams were recorded during the first four months of 2023, amounting to losses of HK$71.7mil (RM42.05mil), up from a single case involving HK$60,000 (RM35,191) logged over the same period last year.