Financial Crime World

Hong Kong Authorities Warn Public Against Investment Fraud in E-HKD Pilot Programme

The Hong Kong Monetary Authority (HKMA) has issued a warning to the public regarding entities claiming to have been selected for the e- HKD Pilot Programme, which allegedly promotes e- HKD products to attract investments. The authority stresses that all participating firms will be officially announced, and those who are not on the list should exercise extreme caution.

Background

The HKMA has received numerous inquiries from the public regarding entities claiming to have been selected for the e-HKD Pilot Programme. This programme aims to promote e-HKD products to attract investments. However, the authority warns that all participating firms will be officially announced, and those who are not on the list should exercise extreme caution.

Warning

According to the HKMA, participants in the programme, as well as other “sandbox” initiatives under its jurisdiction, are prohibited from soliciting funding from the public or offering investment products associated with these programmes. The authority has reported these cases to the Hong Kong Police Force and urges anyone who suspects they have fallen victim to fraudulent activities to contact the police or the Commercial Crime Bureau at 2860 5012 for further investigation.

Prevention

To avoid falling prey to investment fraud, investors in Hong Kong are advised to:

  • Verify the authenticity of any investment opportunities through official channels
  • Avoid dealing with unregistered entities or those that do not have a clear track record of transparency and regulatory compliance
  • Be cautious when receiving unsolicited investment offers or approached by unknown entities claiming to offer e-HKD products

Conclusion

The incident highlights the need for investors to remain cautious and informed, especially in times of economic uncertainty. As authorities continue to crack down on fraudulent activities, it is essential for individuals to stay alert and report any suspicious activities to the relevant authorities. By being vigilant and taking necessary precautions, investors can protect themselves from investment fraud and make informed decisions about their investments.