The Judiciary Police (PJ) announced in a statement yesterday that 18 victims had lost 27.89 million patacas in investment scams.
According to the statement, Judiciary Police had issued to the public on July 8 this year a warning about investment scams commonly known as “pig-butchering schemes.”* Despite this, authorities have received reports from at least 18 victims who fell prey to similar fraudulent tactics, with combined losses exceeding MOP 27.89 million.
In these scams, the statement said, fraudsters initially befriend victims through social media – sometimes even establishing romantic relationships – or post fake investment advertisements for stocks, precious metals, and cryptocurrencies to lure targets into WhatsApp investment groups. After gaining their trust through an online romance or by posing as financial experts, they promote “high-return, low-risk” portfolios and persuade victims to invest through fraudulent platforms. Some even claim the platforms use “Artificial Intelligence Automation,” insisting victims can profit effortlessly by merely putting funds in their investment accounts.
According to the statement, after depositing and operating funds as instructed by the scammers, most victims were directed to transfer money to multiple Hong Kong bank accounts under different names. While the fake platform displayed artificially inflated returns to entice further investments, victims discovered the fraud only when they were unable to withdraw funds - by which time they were either blocked or additional “fees,” had been demanded resulting in devastating financial losses.
The names of fraudulent communication groups, fake applications, and platforms recently used by scammers are: INSTINET 數據智庫, INSTINET 極迅先鋒, 高級策略共享課堂, INSTINET 智能領航者, K5 慧眼識股, TP-ROBOT and GC TRADE PRO.
Also, fraudulent investment apps such as: INST-SI, INST-SIKK, AOT-SIGEMA and TOKENPOCKET are used.
The fraudulent fake investment platforms such as: CITIC Securities Company Limited, 抖音公益 (Douyingongyi) and Junsheng Department Store Co. Ltd. are also used.
*According to Wikipedia, A pig butchering scam (杀猪盘translated as the killing pig game) is a type of online scam where the victim is encouraged to make increasing financial contributions over a long period, usually in the form of cryptocurrency. Such scams are commonplace on social media and dating apps, and often involve elements of catfishing, investment fraud and romance scams. The scammer builds trust with the victim through online communication, subsequently persuading them to invest in a fraudulent cryptocurrency scheme. The “butchering” or “slaughtering” of the victim transpires when their assets or funds are stolen. Perpetrators are typically victims of a fraud factory, where they are lured to travel internationally under false pretences, trafficked to another location, and forced to commit the fraud by organised crime gangs.
This undated handout poster was provided by the Judiciary Police (PJ).
