Hong Kong police have arrested two men in connection with aโ scheme to defraud pawn shops with counterfeit gold, resulting in losses of HK$440,000 โค(US$56,587). Theโ arrests come as globalโ economic concerns โขdrive goldโ prices to record levels, potentially incentivizing such scams.
Officers from โคthe 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 โคto โobtain property by deception. Authorities allege the pair pawned “highly realistic” โขfake gold items atโข shops inโค Kowloon and the New Territories โbetween July andโ September.
Investigators believe three pawnโข 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 inโฃ police custody while the other โhas been released on bail, with โa requirement to report back in October. The identities of the men have not beenโฃ released.
Under Hong Kong’s Theft Ordinance, aโ conviction for obtaining property by deception carries a maximum penalty of โ10 years in prison.