Retiree cheated HK$3.3m over fake online advertisement featuring John Tsang

An 86-year-old retired man was swindled out of HK$3.3 million after he was cheated by a false investment advertisement that claimed to be published by former financial secretary John Tsang Chun-wah last December.

The old man reportedly saw the fake online advertisement at his Happy Valley home on December 28 which promoted investments in cryptocurrency.

He then left his phone number and was contacted by a fraudster the next day, who claimed to be an investment manager from the U.K. and sent the man a fake trading website. The man, without any suspicion, logged into the website and entered his information of his credit card.

From December 29 to January 30, the man provided the fraudster the one-time-password for a total of 24 credit card transactions, involving HK$2.1 million.

He also wired about HK$1.1 million to the fraudster's bank account as instructed in five transactions in the second half of January.

The man at last realized he had been cheated as he failed to withdraw the money from the cryptocurrency account and the fraudster disappeared for good. He then filed a police report.

On New Year's Eve, Tsang wrote on Facebook and alerted others of fake online advertisements that used his name illegally in so-called “interviews”.

“I've stepped down as the financial chief for a very long time and I really don't have any way to turn a person into a millionaire in three to four months."

He then referred to police's promotion campaign and reminded the public to beware of scams so that they could welcome 2023 in a good mood.