A Hong Kong insurance agent lost more than HK$26 million, or about $3.3 million, after being drawn into a fake cryptocurrency investment scheme through an online romance, according to local police.
The case was one of 25 romance-related investment fraud reports recorded by police between July 24 and July 30. Across those cases, reported losses totaled nearly HK$70 million.
How the contact began
Police said the victim was introduced last year to a woman who claimed to be seeking insurance advice. She later connected him with a man known as “Uncle,” who was said to be in the car trade, and the exchanges moved to WhatsApp.
According to investigators, the fraud relied on steady personal contact rather than an immediate request for money. Police said the scammers built trust over time by showing care and attention, and the relationship eventually developed into an online romance.
Fake crypto platform and large transfers
After establishing that relationship, “Uncle” reportedly presented himself as a successful investor and encouraged the victim to put money into crypto assets. Police said he persuaded the insurance agent to install an app described as a cryptocurrency investment platform.
The victim was also introduced to another person who claimed to own the platform and who allegedly offered assistance in managing a crypto wallet. Over about six months, the victim handed over more than HK$4 million in cash at different locations across Hong Kong and transferred nearly HK$22 million to bank accounts that police said were controlled by the scammers.
What triggered suspicion
The victim only began to suspect fraud after the app displayed returns of more than 800 percent. When he tried to withdraw funds, the request was rejected, police said.
Soon afterward, both the supposed romantic partner and the self-described investment expert cut off contact at the same time. That sequence led to the discovery that the investment setup had been fraudulent, according to law enforcement.
Broader pattern in recent reports
Police used the case to underline that emotional manipulation can override professional experience. They said even people with financial backgrounds can be deceived when criminals spend time building trust and applying pressure through a personal relationship.
The latest figures released by police point to a wider pattern. In the seven-day period from July 24 to July 30, authorities said they received 25 reports involving investment scams tied to online romances, with combined losses approaching HK$70 million.
The confirmed next step is the police investigation into those reports, including the Hong Kong insurance agent’s case. Authorities have framed the incident as part of a broader wave of romance-led fraud in which fake crypto investment opportunities are used to extract large sums from victims.
Source: incrypted.com