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Hong Kong and Macau police arrest 8 in HK$100m coffee investment scam

Police said they received 225 complaints after the Fun Coffee app went offline on July 20.

Reported · Written up by our desk · Emerging Markets

Hong Kong and Macau police have arrested eight people in a crackdown on an investment scam syndicate tied to a Vietnam coffee brand, according to SCMP Economy. The scheme allegedly cheated more than 200 people out of nearly HK$100 million, or about US$12.75 million.

The syndicate operated under the name Fun Coffee, presenting itself online as a “kinetic coffee philosophy” pioneer and a “sports-coffee-value ecosystem.” SCMP Economy said the operation set up a presence in Hong Kong last year, with victims reporting that they were invited to download a Fun Coffee app before investing in virtual currency.

Hong Kong police said they had received 225 complaints from potential victims since last month, covering investment amounts from HK$3,000 to HK$9.63 million and totaling HK$94 million. The victims ranged in age from 32 to 83 and included retirees, SCMP Economy reported.

Police said the Fun Coffee app suddenly went offline on July 20, leaving investors stranded and prompting calls to authorities.

Latest closeCoffee $321.15 ▼3.3%

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