Hong Kong reports surge in investment fraud with HK$30 million lost in one week

A 60-year-old Hong Kong resident lost HK$2.8 million to a fraudulent 'recyclable waste' investment scheme impersonating a utility company. This incident is part of a broader trend, with police reporting 50 similar investment scams totaling HK$30 million in losses over the past week. The frequency of these social media-based financial crimes indicates a persistent vulnerability in local digital security and public awareness.