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Clifford Lo

A woman lost all her savings, mortgaged her apartment and borrowed money from friends, in a suspected $1.47 million investment scam, police revealed yesterday.

 Assistant Central divisional commander (Crime) Chief Inspector Cheuk Mee-chan said US silver was used for the first time as a trading commodity to allegedly cheat the 47-year-old woman.

 Officers raided a firm in New World Tower Two, Queen's Road Central, yesterday following a complaint by the woman.

 A manager and his three staff were arrested and a further seven employees were helping police.

 Chief Inspector Cheuk said the woman was told while applying for a job as an office assistant that the firm dealt in Chinese medicine.

  She began her $9,000-a-month job in June and was persuaded to invest in US silver. She lost all the money and owed about $100,000 to the company in July.

 'The woman had first made more than $10,000 while investing about $100,000. Afterwards, she lost the money and invested another $700,000,' Chief Inspector Cheuk said.

 'And then she continued to invest more than $500,000 she obtained as she mortgaged her apartment and the other $100,000 borrowed . . . but lost all the money again.

 'In the end, she owed about $100,000 to the company, which did not demand she pay the money back.'  Trading in London gold or US silver prices from Hong Kong remains unregulated.

 Chief Inspector Cheuk said police were investigating whether the firm had helped the woman invest or had simply pocketed the money.



Woman loses $1.47m in alleged silver scam