Hong Kong police have arrested two men in connection with a scheme to defraud pawn shops with counterfeit gold, resulting in losses of HK$440,000 (US$56,587). The arrests come as global economic concerns drive gold prices to record levels, potentially incentivizing such scams.
Officers from the Wong Tai Sin branch apprehended the 27-year-old and 54-year-old suspects earlier this week on charges of obtaining property by deception and attempting to obtain property by deception. Authorities allege the pair pawned “highly realistic” fake gold items at shops in Kowloon and the New Territories between July and September.
Investigators believe three pawn shops were successfully defrauded of a combined HK$440,000. The suspects also attempted to pawn the fake gold at three additional shops, but were unsuccessful.
One suspect remains in police custody while the other has been released on bail, with a requirement to report back in October. The identities of the men have not been released.
Under Hong Kong’s Theft Ordinance, a conviction for obtaining property by deception carries a maximum penalty of 10 years in prison.
