71-Year-Old Hong Kong Woman Loses Nearly HK$2.9 Million in Online Romance Investment Scam
A 71-year-old Hong Kong retiree lost nearly HK$2.9 million in an online romance investment scam, according to information cited from the Hong Kong Police Force’s CyberDefender platform.
Online Relationship Led to Fake Investment Pitch
The woman met a man on Facebook who claimed to be 60 years old and employed by a power company. After communicating daily and developing an online romantic relationship without meeting in person, he introduced her to what he described as a waste-recycling investment project in Singapore.
She was persuaded to download a fraudulent investment app, where an online “customer service” representative assisted with registration and deposits. The platform appeared to show her funds increasing, but withdrawal requests were later rejected.
CyberDefender warns that fake investment platforms may display fabricated balances or returns, while operators often create excuses when victims try to withdraw funds.
Repeated Emergency Requests Increased the Losses
The man later claimed he had been detained in Singapore over alleged money-laundering charges and asked the woman to provide money for bail and legal expenses.
She was also instructed to visit a cryptocurrency exchange and deposit cash into a designated e-wallet. Through repeated requests, she exhausted her savings and borrowed additional money from friends and a finance company.
Across 17 transactions, she transferred close to HK$2.9 million before the fraud was discovered after debt collectors began contacting her.
According to the CyberDefender post cited in the report, Hong Kong police received 18 online romance scam reports in the previous week, involving combined losses of nearly HK$7.8 million.
Investor Alert: Be cautious of investment opportunities introduced through online romantic relationships, especially those involving guaranteed returns, unfamiliar apps or cryptocurrency transfers. Brokersview advises users not to download unknown apps and to independently verify suspicious investment platforms before transferring funds.
Related: For more investment scam cases, fake trading platform warnings and fraud prevention information, visit our Scam Alerts section.
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