A former branch manager of an insurer and 12 ex-insurance agents pleaded guilty on Saturday to conspiring to defraud two insurance companies of HK$52 million (US$6.68 million) by making false policy applications following an investigation by Hong Kong’s anti-corruption watchdog. Lo Yin-wa, a former branch manager of FWD Life Insurance, was named as a mastermind…
Hong Kong police have issued a warning over a rising trend of fake official scams targeting mainland Chinese students after fraudsters tried to stage the kidnapping of an 18-year-old to extort HK$6 million (US$771,850) from his father. Senior Inspector Chu Yuen-tim of the Hong Kong Island regional technology and financial crime unit said on Saturday…
A joint operation by Hong Kong, Macau and mainland Chinese law enforcement agencies has resulted in the arrest of 63 people for allegedly operating a cross-border prostitution ring, with its mastermind and core members caught in the city. Police Chief Inspector Tang Hoi-tung from the organised crime and triad bureau said on Friday officers had…
Hong Kong police have arrested a 14-year-old boy for allegedly collecting HK$554,000 (US$71,235) from three elderly residents as part of a phone scam in which victims were told they needed to pay bail money to have their sons released. The force said on Saturday that the teen was apprehended a day earlier on suspicion of…
Hong Kong police have arrested a 14-year-old boy for allegedly collecting more than HK$550,000 (US$70,700) from three elderly residents as part of a phone scam that claimed the victims needed to pay bail money to have their sons released. The force said on Saturday that the boy was apprehended a day earlier on suspicion of…
US Treasury Secretary Janet Yellen has met with China’s deputy central bank governor Xuan Chengneng in Washington this week to discuss coordination on financial market monitoring and money laundering. The talks this week marked a continuation of the sixth meeting of a bilateral economic working group and took place on the sidelines of the annual…
Hong Kong police have arrested 11 people from a fraud syndicate that allegedly helped more than 800 residents withdraw HK$145 million (US$18.7 million) from their Mandatory Provident Fund (MPF) savings prematurely using fake documents. The force said on Friday that the racket operated in the Tsim Sha Tsui office of a financial consultancy firm as…
Hong Kong police have arrested 14 people in a crackdown on a cross-border syndicate that allegedly laundered more than HK$230 million (US$29.5 million) from bank accounts linked to dozens of job and investment scams, with victims losing more than HK$18 million. Chief Inspector Lo Yuen-shan of the commercial crime bureau said on Friday that members…