85-Year-Old Man Loses $74 Million in Gold Scam: SCMP
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An 85-year-old man has become Hong Kong’s biggest victim of a bullion trading scam after being conned out of HK$580 million ($74 million) over two years, according to South China Morning Post.
The elderly man was one of seven investors who lost a total of nearly HK$620 million in a scam which involved trading gold on the London commodities market, the newspaper reported on Friday, citing unidentified people. Hong Kong police confirmed the arrest of 14 people related to deception in an emailed statement to Bloomberg News, while it declined to comment on the specifics about the 85-year-old victim.