Seven suspected triad members accused of involvement in the kidnapping of a Hong Kong cryptocurrency trader for a HK$30 million (US$3.8 million) ransom last year have been arrested in mainland China, according to a police source.
The seven men will be handed over to Hong Kong officers by mainland authorities at the Shenzhen Bay border control point at around 1pm on Friday before being taken to Tin Shui Wai Police Station.
The suspects included an alleged ringleader of the group and another cryptocurrency trader who was accused of using a bogus transaction to lure the 39-year-old victim to a Kowloon Bay industrial centre where he was abducted on November 6, the source said.
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Hong Kong police rescue cryptocurrency trader held for HK$30 million ransom
He added that the seven men fled the city for Shenzhen via illegal channels after officers raided a New Territories house and rescued the victim on November 12.
The victim suffered fractures to his arms and legs from beatings he received while abducted. The kidnappers had demanded a HK$30 million ransom from his family, but police said no money changed hands.
However, the source said it was believed that some HK$35 million in Tether tokens had been stolen from the victim’s e-wallet after he was forced to hand over the password during his week in captivity.
In Hong Kong, police have arrested and charged eight men with conspiracy to kidnap over the case. Abduction is punishable by life imprisonment under the Offences against the Person Ordinance.
After learning the seven other suspects had fled to the mainland, police sought the help of Guangdong public security officers in tracking them down.
The source said the seven men were picked up by mainland police in a series of raids in Foshan and Dongguan earlier this week.
Detectives from the Kowloon West regional crime unit are handling the case.
Following recent arrests in connection with cryptocurrency-related crimes, police warned the public against meeting strangers to conduct transactions, and urged traders to use credible platforms.
2 Hong Kong men denied bail after being charged with abduction of trader
According to the force, 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.
In the biggest such case, 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.
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