Date
20 October 2018
Police said the syndicate may have victimized as many as 120 people who invested around HK$67 million in a fraudulent scheme to launch a high-speed charger for mobile devices. Photos: HKEJ/TVB News
Police said the syndicate may have victimized as many as 120 people who invested around HK$67 million in a fraudulent scheme to launch a high-speed charger for mobile devices. Photos: HKEJ/TVB News

Two arrested over HK$67 million mobile charger investment scam

Police said they have smashed a syndicate that cheated more than a hundred people of around HK$67 million by promising to launch a high-speed charger for mobile devices that could bring high returns for their investments.

Officers from the Commercial Crime Bureau arrested a 36-year-old man in Happy Valley and another suspect, a 44-year-old man, at the airport on Wednesday night. One of them is believed to be the mastermind of the investment scam.

Documents, several computers and mobile chargers, believed to be related to the case, were seized from a flat at an industrial building on Kin Tai Street in Tuen Mun on Thursday.

More were expected to be arrested as the police operation continued.

According to initial police investigation, the group set up a company in 2016, apparently to develop a mobile device charger using grapheme, also known as “black gold”, that is said to significantly increase power storage capacity.

It then held seminars in Hong Kong, mainland China and Taiwan to solicit investors, who were told that the high-tech invention is expected to create 3 to 5 percent profit a year plus a return of their investment.

The company said it would be listed in the United States in 2019 with an expected market capitalization of US$45 billion.

However, its failure to launch the product as scheduled raised doubts and suspicions among some of the investors, who filed a complaint with the police last month.

Ten of the investors said they had been defrauded of a combined HK$4.2 million, but police, based on their investigations, believed the number of victims could be as many as 120, involving a combined HK$67 million, from July to December 2016 alone.

Police urged victims of the investment scam who have not yet filed reports about the case to call the police for assistance at these phone numbers: 2860 4735 or 2860 4737.

– Contact us at [email protected]

TL/JC/CG

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