2 Hong Kong men denied bail in case of cryptocurrency trader kidnapped for HK$30 million ransom

Two Hong Kong men accused of kidnapping a cryptocurrency trader for a HK$30 million (US$3.84 million) ransom have been denied bail after being charged with abduction.

Benny Li Chung-shing, 25, and Lau Man-ting, 27, were escorted to Kowloon City Court on Monday as police continued to detain five other suspects, including a woman, for questioning.

The pair, both unemployed, stand accused of kidnapping 39-year-old Tether token trader Ng Chor-to on November 6 and detaining him at Kai Fuk Industrial Centre in Kowloon Bay before police swooped in on the location on Friday.

Acting principal magistrate Peony Wong Nga-yan dismissed the pair’s bail applications and adjourned the hearing to January 25 for police to review security camera footage, examine forensic evidence and conduct an identification parade.

Abduction is punishable by life imprisonment under the Offences against the Person Ordinance.

Police arrested seven people between Friday and Sunday in relation to the case, and about eight other suspected conspirators are still at large.

Of the remaining five who were arrested, one person was charged on Monday night and due to appear in court on Tuesday, two were released on bail without charge and two others continued to be detained.