TechFlow News, March 18: According to the Hong Kong Commercial Daily, the Hong Kong Police Force has launched an operation codenamed “Thunder Drum” targeting a fraud syndicate that lures victims with offers of low-interest loans while demanding security deposits paid in cryptocurrency. Over two days, police arrested three men and three women (aged 29 to 63) across various districts of Hong Kong on suspicion of conspiracy to defraud. Some suspects are believed to have ties to triad organizations; the operation remains ongoing.
The fraud syndicate began operations in November 2025, using cold-calling tactics to impersonate bank staff and promote low-interest loans. Victims were lured to a fake office in Central—rented under the name of a shell company—to sign loan agreements and pay security deposits as “proof of assets.” Payment methods included cash, bank transfers to nominee accounts, and cryptocurrency payments—particularly targeting elderly or technologically inexperienced individuals.
A total of 13 victims have been identified, spanning diverse backgrounds—including business owners and corporate executives—with some holding associate or master’s degrees. The total losses amount to approximately HK$5 million. Police seized numerous documents and computers at the scene as evidence.
