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A Hong Kong businessman and his son have surrendered to police in connection with the abduction of a cryptocurrency investor. The 70-year-old man and his 30-year-old son were arrested on suspicion of false imprisonment and assault and remained in custody for questioning. They were not directly involved in the abduction but the vehicle used belonged to their family. The businessman had invested approximately HK$15 million in virtual currency 18 months ago with the help of the victim. Tensions escalated when the investor could not repay the funds, leading to the abduction incident.

The abduction took place in the Sheung Shui residential district where the victim’s husband intervened and was attacked with a stun gun. Both husband and wife sustained injuries and were hospitalized. The suspects involved in the abduction and assault are still at large, and authorities are investigating the incident. Police sources do not rule out the possibility that the four men responsible were hired for the job. In Hong Kong, losses from cryptocurrency scams have surged to 1.7 billion Hong Kong dollars in 2022, a significant increase from the previous year.

Hong Kong reported a significant rise in cryptocurrency-related scams, with losses reaching $216.6 million in 2022. The number of reported crypto-related scams saw a notable increase, accounting for over 50% of the total amount stolen from city residents in technology-related crimes last year. Scammers often pose as experienced investors in crypto assets, precious metals, or foreign exchange products, promising fake returns and transactions to lure victims into fraudulent investment schemes. Due to the anonymity and complexity of cryptocurrencies, law enforcement faces challenges in tracking funds and identifying perpetrators.

The surge in crypto-related scams in Hong Kong has been attributed to the anonymity and complexity offered by cryptocurrencies, making it challenging for law enforcement to track the flow of funds. Criminals have increasingly used cryptocurrencies as a medium for online scams, complicating efforts to trace criminal proceeds. With almost 23,000 reported cases of technology-related crimes in 2022, Hong Kong authorities are facing growing challenges in combating online fraud, especially within the cryptocurrency space. Authorities are working to address the rise in crypto-related scams and protect residents from falling victim to fraudulent schemes.

The surrendered suspects turned themselves in at Tai Po Police Station and were arrested on suspicion of false imprisonment and assault. The businessman’s frustration stemmed from his investment in the cryptocurrency project, which led to escalating tensions with the investor over the repayment of funds. The victim was occasionally unreachable, leading to difficulties in retrieving the invested funds. The abduction incident involving the businessman, his son, and four other individuals is under investigation by detectives from the Tai Po district crime squad. The surge in crypto-related scams in Hong Kong underscores the need for increased vigilance and awareness among residents to prevent falling victim to fraudulent schemes.

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