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Fraudsters Posing as HKTVmall in CN to Deceive Investors; Fraud Rumoured to Crash Soon
Recently, some fraudsters in the mainland have been posing as HKTVmall, a subsidiary of HK TECH VENTURE (01137.HK), to attract investment, and is suspected to have developed into a...
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Fraudsters Posing as HKTVmall in CN to Deceive Investors; Fraud Rumoured to Crash Soon
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Recently, some fraudsters in the mainland have been posing as HKTVmall, a subsidiary of HK TECH VENTURE (01137.HK)  +0.010 (+0.658%)    Short selling $364.70K; Ratio 6.574%   , to attract investment, and is suspected to have developed into an online Ponzi fraud.

Ming Pao enquired with HK TECH VENTURE and received a reply that the involved firm is not a subsidiary of the group, and it will continue to find out more details before following up.

The company pretending to be HKTVmall, under the name of "Hangzhou Tech Venture E-commerce Co., Ltd" (literal translation of "杭州科探電子商務有限公司"), recently released promotional videos on various social media and short video platforms in the Mainland, claiming that HKTVmall will enter the mainland market in March this year, and that it is planning to open more than 6,000 shops in various cities in mainland China.

In the short video, it is mentioned that as of 2023, there were more than 1.8 million online users and hundreds of thousands of partners, and it hopes to invite more investors to join as franchisees. The fraudulent company also claimed that it had already prepared more than RMB5 billion in cash gifts to reward its members.

Recently, the pretender firm also publicised that it will hold a week-long appreciation banquet at the Peninsula Hotel in March, and that it will be able to visit its headquarters, office and shops in Hong Kong, hoping to attract more capital into the scheme.

It is not known whether any investors have been trapped, but rumours have been circulating in the mainland that the victims of this "Fake HKTVmall Ponzi" began failing to withdraw cash in mid- to late- February, and the scheme was about to crash.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-02 16:25.)

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