Fraudsters conned victim in his 60s into investing in fraudulent ‘recyclable waste project’ by energy giants in Hong Kong, mainland China
2-MIN READ2-MIN ListenLeopold ChenPublished: 2:29pm, 26 Aug 2026A Hong Kong man has lost over HK$2.8 million (US$357,000) in an online investment scam in which fraudsters claiming to be employees of electricity companies duped him into investing in a “recyclable waste project”.
Police also said on Wednesday that the force had recorded 50 investment scams in the past week, with losses totalling over HK$30 million.
The force said the man in his 60s became acquainted with the scammer on Facebook. The fraudster claimed to be an employee of CLP Power, one of Hong Kong’s electricity suppliers.
The scammer said the company was collaborating with State Grid Corporation of China, a state-owned electricity supplier, on a “recyclable waste project”, describing it in messages without providing any official websites.
The victim then transferred HK$1.5 million to different bank accounts on the scammer’s instructions.
“When the victim raised doubts, the fraudster kept on boasting that the project had a high return, displaying a handwritten statement that no deception was involved and a picture of a forged Hong Kong identity card to reassure the victim and induce him to transfer another HK$1 million,” police said.
