A sophisticated global investment scam using Internet sites to con buyers has fleeced Hong Kong people of millions of dollars, UK investigators on their way to the SAR have revealed.
Police investigating the scam estimate the fraudsters - who have set up bank accounts and offices in Switzerland, Guernsey, Belize, Austria, Malta and the West Indies - could have netted billions of dollars worldwide, much of it from investors in Hong Kong, Singapore and other Asian countries.
Potential investors are sent brochures offering shares in funds at 'special' low prices, and are referred to Internet sites which appear to track the sham funds' daily growth.
But when buyers try to pull out, they are advised to switch to another 'promising investment' and send more money, told they cannot have their money back, or their calls go unanswered.
Detective Constable Martin Woods of Britain's National Crime Squad said there was little chance victims would get their money back.
He said the sophistication of the con and the money spent to make it look convincing meant there may not be much left if the brains behind the operation are ever caught. The operation was uncovered through documents found during a police raid on a London solicitor's office over an unrelated crime.
'There are an immense number of victims. It's multi-multi-millions of dollars,' Detective Constable Woods said.
