Hong Kong law enforcement agencies have arrested seven people in connection with a week-long kidnapping case in which a cryptocurrency trader was arrested and brutally beaten by gang members. A man demanded a ransom of HK $ 30 million (US $ 3,850,260), according to local news site. Coconuts Hong Kong.

The 39-year-old victim traveled to Kowloon Bay on November 6 to sell USDT in Hong Kong dollars to a stranger. The buyer took him to a nearby industrial building, where a group of people were already waiting for the victim and brutally beating him with hammers and metal chairs.

The 39-year-old trader was also forced to surrender his cell phone, bank account password and crypto wallet.

The next morning, the victim was blindfolded and transported by car to the container terminal. That night he was taken to a hut in Nam Hang Tsuen, a rural village in Tai Po District.

Taipo District – Hong Kong, where the victim was detained

The gang members continued to attack the victim, demanding that he lie to family and friends about his debt so that they can pay the ransom.

The victim’s family reported the incident to police on September 11, three days after he was abducted. The police quickly identified a possible location where the victim could be arrested and set up an ambush in the village.

On November 12, the victim managed to escape through a narrow window in the attic when two guards went outside to smoke. The police later rescued him, ransacked the cabin, and arrested the two guards.

Senior deputy director of West Kowloon Regional Criminal Police Department Alan Chung said at a news conference Sunday that police had arrested five other accomplices on suspicion of involvement in the kidnapping. Everyone between the ages of 25 and 32 were members of the infamous triad. At least seven or eight other people are wanted.

Hong Kong’s infamous triads

The victim suffered multiple fractures in her arms and legs and is being operated on in the hospital.

Crypto crime on the rise

Cryptocurrency fraud is on the rise, with Hong Kong police recording 496 cases in the first half of this year. However, this is the first known kidnapping incident. In July, Hong Kong police shut down a massive money laundering organization that relied on USDT to carry out its illegal activities.

Under Hong Kong law, anyone who detained a person against their will for a ransom can face life in prison.

Last month, two men were arrested in the Kaliningrad region, Russia, after kidnapping a 28-year-old crypto investor, forcing him to transfer his cryptocurrency, injecting and pelting him with drugs, and entering the forest in critical condition. The man then regained consciousness and reported this to the local police immediately.

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Bao Cong

According to AZCoin News

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