Police busted an Instagram investment scam and arrested 10 people, including a 14-year-old boy, Apple Daily reports.
The boy had used his mother’s name to open an account and his father’s passbook to collect proceeds from the racket, police said.
He used his own classmates to help collect cheques and cash. One of the victims lost more than HK$1 million.
His parents have been questioned in connection with the investigation.
Police also arrested two students aged 17 and 21.
The crackdown came after an Instagram account advertised a “high return and low risk” investment scheme.
The scheme boasted returns of up to 90 percent, news website hk01.com reports.
The scammers used words like “students looking for quick cash” and “small investment amounts” to lure investors, and said they would accept investors under the age of 18.
Police said investors were lured with small investments in bonds and funds that can yield a 30-40 percent return.
Some victims became hooked after making a HK$200 return from their initial HK$500 investment.
The fraudsters used fake cheques and bank slips to deceive victims that their investment profits have been deposited into their accounts, investigators said.
In all, seven people have been scammed with a combined loss of HK$1.8 million. The operation has been shut.
The hardest hit was a man who reportedly saw his daughter making money on Instagram and put in HK$1 million.
Police seized five computers, 11 cell phones, cheques and bank slips.
– Contact us at [email protected]