Alleged victims of a HK$107.5 million ($13.71 million) “Fun Coffee” investment scheme said on Wednesday they were lured by the high returns and trusted friends, with one victim allegedly cheated out of HK$10 million.
A group of over 10 victims from Hong Kong spoke to the media a day after law enforcers from the Hong Kong and Macao special administrative regions said they have arrested eight suspects in a joint operation that targeted the alleged crypto fraud linked to a purported Vietnam-based enterprise called “Fun Coffee”.
Since July, the investigation has registered 264 claims in the two cities, with total projected losses of HK$107.5 million. The alleged victims, aged 32 to 83, reported per-person losses ranging from HK$3,000 to around HK$9.6 million, the Hong Kong Police Force said.
Having entered the Hong Kong market in late 2025, “Fun Coffee” enticed people to invest in its coffee-based ventures using cryptocurrency, claiming to have developed sophisticated brewing machinery, optimized coffee-gene technology, and intelligent irrigation and fertilization systems.
The company claimed that higher investment amounts and longer deposit periods would yield returns of 278 percent.
The scheme collapsed in late July, the same month in which the Securities and Futures Commission of Hong Kong flagged the “Fun Coffee GCM Project” as a suspicious investment product.
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Accompanying the victims, Hong Kong lawmaker Johnny Ng Kit-chong warned that the scale of the case might involve over 1,000 victims, and proposed that law enforcers freeze the crypto assets or funds when regulators flag suspected trading or risks of fraud, thus increasing the possibility of recovering the victims’ losses.
To protect their privacy, the victims’ identities are being withheld.
One alleged victim said at the conference that the group didn’t frame it as an “investment” at first. Instead, they asked participants to engage in sports activities and shoot short videos, promising each person a few hundred Hong Kong dollars per video, and promising that team leaders who recruited 10 members would receive thousands of Hong Kong dollars as a bonus.
The group later hosted meetups and a marathon, and formally rolled out so-called investment tasks, luring victims into investing money directly. “Some large-scale tasks need larger amount of money, and I need to chip in together with friends”, she added.
She said the team she joined has over 700 people, built from recruiting 10 friends each for newcomers. Fifty of the members have deposited funds to participate in the scheme, and the losses are expected to exceed HK$10 million, she said.
“The tasks are a limited number — once they’re sold out, you have to wait for the next round. Plus, the activities are fresh, varied, and a lot of fun,” said another participant, who was allegedly duped out of HK$900,000.
Ng suggested that the Hong Kong SAR government could consider optimizing the current mechanism to combat such fraud. When law enforcement agencies or regulatory bodies identify significant suspicious activity in transactions conducted by any company or platform, they can simultaneously freeze its associated assets and virtual currencies, which may aid victims in recovering their funds, he said.
Ng said his office is using technology to trace digital wallets and help law enforcement assist victims. He warned residents against "high return" or "task-based investment" schemes, emphasizing the need for rational analyses to avoid scams.
Contact the writer at atlasshao@chinadailyhk.com
