Apparent victims of a HK$107.5 million ($13.71 million) cryptocurrency investment scam linked to the “Fun Coffee” platform said on Wednesday they were lured by promises of exceptionally high returns and recommendations from trusted friends, with one victim claiming to have lost nearly HK$10 million.

More than 10 probable victims from Hong Kong met the press a day after law enforcement authorities in the Hong Kong and Macao special administrative regions announced the arrest of eight suspects in a joint operation targeting the alleged fraud involving the purported Vietnam-based enterprise.

Since July, investigators have received 264 reports in the two cities involving estimated losses totaling HK$107.5 million,…