MAY DECEMBER

Scammers Impersonating Chinese Officials Con Wealthy 90-Year-Old Out of $32 Million

A 19-year-old university student was arrested in late-March, but most of the money has disappeared.

A 90-year-old multimillionaire living in the ultra-rich enclave of Hong Kong known as “The Peak,” was conned out of $32 million (HK$250 million) by phone scammers impersonating Chinese officials—the largest phone heist in Hong Kong history. A man claiming to be law enforcement contacted the well-heeled woman last July, alleging her identity had been used in a criminal case on the mainland, and demanding she transfer her fortune into three specific bank accounts for an investigation. The scammers promised to return everything if it proved unrelated to the crime, providing a cell phone for contact and once, even accompanying her to the bank. After the woman alerted officials last month, they arrested a 19-year-old university student and froze bank accounts containing $1.16 million (HK$9 million). The rest of the money has not been located.