Business
Hong Kong’s Financial Fraud Crisis: Should Banks Shoulder the Burden of Scam Victims’ Losses?
Is it fair for Hong Kong banks to compensate you if you fall prey to a financial hoax?
In the first half of 2024, scams and fraud incidents led to a loss of around HK$4.5 billion in the city.
Shamdasani, an elderly entrepreneur of 82, was swindled out of €56,940 (US$62,499) by an impostor claiming to be a Dutch supplier. This led to the loss of all his anticipated orders valued at over US$1.2 million, as well as his leased residence in Hung Hom. Consequently, Shamdasani and his spouse were compelled to reside at a friend's house until they could secure a suitable and affordable apartment.
"Shamdasani, a Hong Kong resident of over forty years and owner of a trading company specializing in branded perfumes, watches, and copper products, stated, "We're virtually without any income, lacking business, and devoid of cash flow." He expressed that this setback is particularly devastating for him, given his age.
HSBC informed me that I should expect to hear from the police. They instructed me to only liaise with the Hong Kong police moving forward, as they are now in charge of the case, he stated.
A representative from HSBC informed the Post that the bank doesn't offer any comments or share any details concerning its clients.
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