9th December 2024 – (Hong Kong) Police launched Operation “Oceangate” from 6th to 8th December, dismantling a scam believed to be operated by triad members that targeted victims with promises of low-interest debt restructuring. Twelve men and four women, aged between 26 and 59, were arrested on suspicion of conspiracy to defraud and money laundering, including the group’s ringleader and key members. During the operation, officers conducted raids on four licensed financial companies located in Tsim Sha Tsui, Yau Ma Tei, and Mong Kok, seizing approximately HK$490,000 in cash, multiple computers, mobile phones, cash-counting machines, and a large volume of loan documents. They also froze bank accounts allegedly used to receive criminal proceeds, involving around HK$1.6 million.

Investigators reported that since January of this year, they have received numerous complaints from victims claiming they were contacted via cold calls or online advertisements by individuals posing as employees of a licensed financial company offering debt restructuring services. After expressing interest, victims were invited to meet at a restaurant in Jordan for further discussions.

During these meetings, the fraudsters instructed victims to take out loans from three specified financial companies and hand over the entire amount to settle part of their debts. They promised to help establish an affordable repayment plan to ease the victims’ financial burdens. However, once the loans were transferred, the fraudsters would instruct victims to wait for updates, only to vanish without a trace. Many victims who attempted to verify the identities of the supposed financial representatives found that the companies denied any affiliation with the scammers, while the lending institutions also claimed no knowledge of the fraudsters, merely demanding timely repayments.

Following a thorough review of CCTV footage and extensive investigations, police quickly identified the ringleader and key members of the scam. It was revealed that the group had been operating for about a year, with the involved financial companies closely linked through familial relationships and frequent cash transfers among their members, indicating a coordinated operation.

To date, 19 victims have sought assistance, reporting total losses of approximately HK$1.78 million, with individual losses reaching as high as HK$130,000. On December 6, police took action, ambushing the suspects as victims handed over their loans in Wan Chai and Yau Ma Tei. Four men were arrested, and evidence of the victims’ loans and applications was found on them. In addition, further searches of the financial companies led to the arrest of another seven men and three women, with an additional two suspects apprehended later.

The arrested individuals reportedly include directors, managers, and employees of the implicated financial companies. They have been released on bail and are required to report back in early January. The victims, who include warehouse workers, clerks, salespeople, and truck drivers, faced urgent financial needs due to investment failures and insufficient income, making the impact of this scam even more detrimental to their situations.

Sources: Dimsum Daily