Hong Kong police have dismantled a fraud syndicate responsible for assisting over 800 individuals in prematurely withdrawing HK$145 million from their Mandatory Provident Fund (MPF) savings through deceptive means.
Operating within a financial consultancy firm in Tsim Sha Tsui, the syndicate enticed clients with promises of easy and fee-free early withdrawals, ultimately charging exorbitant fees of 10 to 30 per cent upon successful transactions, totaling up to HK$70,000 in some cases.
Inspector Lam Ying-pan revealed that the group evaded detection by dealing in cash payments, handling a staggering 837 fraudulent applications.
This crackdown serves as a reminder of the prevalence of financial scams and the importance of vigilance when dealing with sensitive financial matters.