6 Arrested in 9-Year Agarwood Crypto Scam Involving HK$14 Million

Background

Hong Kong police have arrested six people in connection with a nine-year scam involving agarwood and cryptocurrency investments, with victims losing HK$14 million.

The Scheme

The scheme allegedly involved a cross-border criminal syndicate offering business opportunities in agarwood and cryptocurrency, with victims mostly elderly people investing between HK$30,000 to HK$1.9 million,

Investigation

Investigations began in September after the force received 21 reports from victims, mostly elderly people, saying they had been investing in various products offered by BBB Group (Hong Kong) as early as 2017.

Arrests

Police arrested two men and four women aged between 52 and 66 on Wednesday. Among the six, one was a Malaysian passport holder who was identified as the mastermind of the scheme. The remaining five suspects are Hong Kong residents.

Seizure

Officers searched the firm’s premises in Kwun Tong, seizing about HK$540,000 in cash, 25 laptops and mobile phones, investment contracts and various types of suspected agarwood goods.

Investigation Findings

The firm claimed to operate offices around the world, including in Malaysia, Singapore and New York. BBB Group (Malaysia) and BBB Oud Living (HK) were also linked to the agarwood investment plan.

Victim Profiles

Most of the victims were aged between 52 and 82. Individual investment amounts ranged from HK$30,000 to HK$1.9 million, with the total from the 21 victims reaching HK$14 million.

Conclusion

The six suspects face charges related to the scam, with the mastermind of the scheme facing possible jail time.