Hong Kong police revealed on November 13, 2026, that a man in his 70s lost nearly HK$18 million to a fake investment group. The case is the largest individual loss reported in the latest wave of online investment fraud, according to authorities. Police also recorded more than 40 similar scams in a single week, with combined losses of nearly HK$50 million.
The scam began with a YouTube ad
The victim first came across an investment advertisement on YouTube in June 2026. After he responded, the scammers presented themselves as investment consultants and added him to a WhatsApp group.
Inside the group, members shared fabricated screenshots of trading profits. The source said the goal was to build his confidence in digital asset trading.
Between August and October 2026, the victim moved large sums out of his bank account to buy into the supposed opportunity. He sent more than HK$18 million worth of USDT and ETH to wallet addresses specified by the scammers.
The scheme unraveled in early October when the victim’s son intervened, leading to the realization that the operation was a fraud. By then, most of the money was gone. The victim recovered only around HK$800,000 worth of USDT.
A wider pattern of similar cases
Between November 6 and 13, 2026, more than 40 similar reports were filed with police. Total losses across those cases reached nearly HK$50 million.
Authorities flagged several recurring tactics. Scammers stage group success stories, fill chats with fake profit testimonials, and direct victims to send funds to unknown wallet addresses.
Another tactic is allowing small withdrawals early on. A victim pulls out a modest sum, sees it arrive, and concludes the platform is legitimate.
Police warnings
Police reiterated warnings to the public. They urged people to avoid unsolicited investment ads on social media and video platforms. They also cautioned against trusting strangers who claim investment expertise and stressed independent verification before sending money anywhere, especially to unfamiliar digital wallets.
Why the playbook can work
The victim engaged in June but did not start transferring funds until August, suggesting a period of trust-building before the scammers asked for real money. Transfers continued across roughly three months before anyone outside the operation raised an alarm.
The partial recovery of about HK$800,000 in USDT shows that some clawback is possible. It also shows how little of the total typically ends up being recovered.
