By Edith Lin

Copyright scmp

Two Hong Kong men in their seventies have been conned out of HK$48 million (US$6.2 million) through multiple transfers in two separate scams involving fake officials and cryptocurrencies.
Police said on Friday that one victim, 77, claimed to have received a call on June 7 from an individual impersonating a mainland Chinese official, who accused him of being involved in a criminal case across the border and demanded payment to prove his innocence.
“The victim followed the instructions and made 24 separate transfers totalling about HK$21.8 million to three designated local bank accounts between June 10 and August 15,” the force said. “The scammer later became unreachable.”
Police said it was then that the victim suspected he had been scammed and filed a report on Sunday.
According to a preliminary investigation, the case was listed as obtaining property by deception.
The Kowloon City division’s technology and financial crime squad are following up on the case, but no arrests have been made so far.
The other victim, 75, was believed to have received a call from an individual claiming to be a cryptocurrency investment expert, who persuaded him to invest in Ethereum, promising a high return.
The victim made 19 separate virtual currency transfers worth about HK$26.2 million to six accounts between July 1 and September 9.
He later lost contact with the scammer and reported his situation to police.