April 3, 2024

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.

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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.

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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…

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