Rescued Hong Kong kidnapping victim under 24-hour police protection
- Police source says the protection arrangement is necessary, as several suspected key figures behind the kidnapping remain at large
- The victim is still recovering in hospital from fractures to his arms and legs sustained during his week in captivity
Sources revealed the arrangement on Tuesday, with investigators now believing that some HK$35 million in Tether tokens had been stolen from the victim’s account after he was forced to hand over the password during his week in captivity.
“The victim is unable to log on to his account. It is likely that the password was changed after the digital coins were transferred out of his e-wallet account,” one police source said.
The source said police protection was “necessary” because suspected key figures behind the kidnapping were still at large.
Hong Kong police rescue cryptocurrency trader held for HK$30 million ransom
The 39-year-old man suffered fractures to his arms and legs from beatings he received after being abducted on November 6. He is receiving treatment in hospital, and his condition is listed as serious.
“Officers have been assigned to protect him round the clock,” the source said.
On Monday, officers rounded up six more suspects – five men and a woman – in a series of raids in Kowloon and the New Territories, bringing the total number of people arrested in connection with the case to 13.
Three of those detained on Monday were suspected of having guarded the victim while he was being held, according to a second source.
That source said at least four other suspects were still on the run. They included the alleged leader of a Sun Yee On triad faction, and a suspected member who traded cryptocurrency himself, and who was accused of using a bogus transaction to lure the victim to the Kowloon Bay industrial unit where he was ultimately abducted.
Two suspects, aged 25 and 27, appeared in Kowloon City Court on Monday after being charged with abduction.
Acting principal magistrate Peony Wong Nga-yan dismissed the pair’s bail applications and adjourned the hearing to January 25 to give police time to review security camera footage, examine forensic evidence and conduct an identification parade.
According to the force, a third suspect, 31, was charged with conspiracy to abduct on Monday night and brought before Kowloon City Court on Tuesday.
In Hong Kong, abduction is punishable by life imprisonment under the Offences against the Person Ordinance.
2 Hong Kong men denied bail after being charged with abduction of trader
Police said the investigation was continuing. Detectives from the Kowloon West regional crime unit are handling the case.
Following the recent arrests, police warned the public against meetings with strangers over cryptocurrency transactions, and urged traders to use credible platforms.
In the first nine months of this year, police handled 853 reports of cryptocurrency-related crimes involving losses totalling about HK$370 million.
According to police, cryptocurrency crimes tend to fall into one of three categories: using the digital currencies to launder money, robbing crypto buyers or sellers during face-to-face transactions, or investment scams in which sellers disappear after taking a victim’s money.
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In the biggest case so far, a 30-year-old man was scammed out of HK$124 million in June. He had been approached by two men and a woman in their 30s who posed as investment consultants and promised that if he put his money in a cryptocurrency called Filecoin, he would reap huge returns.
The victim handed over money in two instalments in February and April, then watched Filecoin’s share price plunge from US$168 to US$73, prompting him to try and withdraw the cash in June. However, he was unable to contact the purported consultants and ultimately reported the case to police.
