Hong Kong father-son surrender in $2m crypto investor kidnapping case

Hong Kong father and son surrender in kidnapping of crypto investor, exposing the city’s violent crime wave and $1.9 million financial dispute.

A Hong Kong businessman and his son surrendered to the police for their involvement in the kidnapping of a crypto investor, South China Morning Post reported, citing sources familiar with the matter.

The report, citing Tai Po Police Station, stated that authorities arrested the 70-year-old man and his 30-year-old son on suspicion of false imprisonment and assault, and both individuals are currently being interrogated. Upon investigation, it was determined that the suspects were not directly involved in the incident, but the car used belonged to the duo.

The report said the businessman invested approximately HK$15 million (approximately $1.9 million) in crypto with the help of a woman he “knew through recommendation.” Preliminary investigations revealed that the businessman allegedly could not get the money back and the woman could not be reached from time to time, which could lead to escalation of criminal sanctions.

It was stated that the woman’s husband was beaten and injured with a stun gun by an unidentified person when he tried to intervene during the kidnapping. People familiar with the matter say police are not ruling out the possibility that “a group of four people were paid to run the business.”

The latest incident marks Hong Kong’s second kidnapping in 32 hours and highlights concerns about increased criminal activity. In early 2024, the Hong Kong Securities and Futures Commission (SFC) revealed that there had been a significant increase in crypto-related crimes in the past three years, with cases reaching billions of yuan.