Key facts
- Six people arrested in Hong Kong over an investment scam.
- The scam involved agarwood trees and cryptocurrency.
- Total funds involved amounted to HK$14 million.
- Most victims were elderly, with individual losses up to HK$1.9 million.
- The scam operated for nine years, from 2017 to 2026.
- Police seized HK$14 million linked to the scheme.
Hong Kong police have arrested six individuals, aged between 52 and 66, in connection with a nine-year investment scam involving agarwood trees and cryptocurrency. The syndicate allegedly defrauded 21 victims, most of whom were elderly, with total funds involved reaching HK$14 million (US$1.78 million). Investigations began in September after victims reported losses ranging from HK$30,000 to HK$1.9 million. The company, identified as "Good Good Group", promoted various investment plans, including purchasing agarwood trees for HK$10,000 with a promised 36% annual yield and principal refund after three years. Starting in 2024, investors found they could not redeem their principal or collect interest, with the company offering new schemes like an intellectual property licensing plan, a proprietary cryptocurrency, and an automated car wash station investment to avoid repayment obligations. Police raided the company's office and warehouse in Kwun Tong and the residences of those arrested.