Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Saturday, Feb 22, 2025

Democratic Party member calls on police to get tough on scammers

Democratic Party member calls on police to get tough on scammers

Democratic Party member urges police to take ‘more stringent actions’ against phone scammers.

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.

“Police should take more stringent actions against scammers,” he said, adding that financial losses for victims had ranged from HK$7,000 (US$900) to HK$7 million.

Yuen said most victims had been contacted by callers claiming to represent banks or financial companies and inviting them to open accounts by offering low-interest loans and investments relating to leveraged loans.

Scammers also claimed to offer financial returns five to 10 times on original investments.

One victim, who ended up losing more than HK$600,000, said she was contacted and urged by a fraudster to join a leveraged loan scheme by transferring her money to an account as an investment.

When she tried to get her cash back, scammers told her to make another payment or she would be unable to recover the original amount.

She and her husband spoke to police more than a month later but the couple said they had not received any updates, despite officers publicising a raid on a low-interest loan scam ring with 32 people arrested after conning over 520 victims out of HK$55 million.

Another victim rang a bank’s hotline in July to inquire about loan interest rates. Weeks later, a scammer posing as a bank worker referred to the victim’s previous call and told him to pay HK$50,000 to open an account with another financial group.

“The scammers know who needed a loan and so it was easier to win trust from the public. The public should remain vigilant,” Yuen warned.

He called for banks to strengthen privacy protection to combat the possibility of staff leaking customers’ loan statuses and for the government to regulate person-to-person marketing calls, with requirements for callers to identify themselves.

Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×