A local man was arrested last Friday for cheating an old friend out of HK$1.11 million by claiming four years ago that he could assist him in investing in the mainland, Judiciary Police (PJ) spokesman Choi Ian Fai said at a regular press conference yesterday.
The 52-year-old suspect surnamed Cheong told the police that he is unemployed.
According to Choi, the 50-year-old male victim, a local resident, reported the case to the police last Friday, saying he and Cheong had known each other for 6 to 7 years.
Choi said that in February 2016 Cheong claimed that a company doing business in wild ginseng and wild boars in Jilin was about to go public, and he could assist the victim in buying some of the original shares issued before the listing.
Cheong told the victim that once the company went public, he could earn a fortune. The victim handed over HK$1.11 million in cash between March 2106 and 2017 to Cheong to purchase the original shares. The victim told the police he had shown him some purported purchase documents.
According to Choi, until 2018 Cheong told the victim that due to the outbreak of swine fever in the mainland, the listing of the company had to be delayed. Later he told the victim that the listing had failed and promised to return the money. He even signed a repayment guarantee in November 2019. However, Cheong never repaid the victim.
According to Choi, the victim met Cheong near Ponte 16 in the Inner Harbour area last Friday. The victim asked Cheong to return his investment, but to no avail so he called the police.
After PJ officers arrived at the scene and took both men to a police station for questioning, Cheong denied committing the crime and told the police that he had never received any money from the victim. However, based on evidence they gathered, PJ officers were able to confirm that Cheong is involved in the case.
Cheong was transferred to the Public Prosecutions Office (MP) on Monday, facing a fraud charge, according to Choi.
Judiciary Police (PJ) spokesman Choi Ian Fai poses at yesterday’s regular press conference. Photo: Camy Tam
